Chicago divorce and prenuptial agreement lawyer Debbie Cohen (https://cohenfamilylawyer.com/what-happens-to-property-owned-before-marriage/), of Cohen Law LLC, sheds light on the critical topic of property ownership before marriage in a recent publication. The article emphasizes the significance of protecting assets through proper legal measures, especially in Illinois, where property classification plays a vital role in divorce proceedings.

Debbie Cohen, an experienced Chicago divorce and prenuptial agreement lawyer, outlined how assets acquired before marriage are generally considered non-marital property under Illinois law. However, Cohen stressed the importance of maintaining the non-marital status of such assets to ensure they remain protected during a divorce. “Without careful planning and clear documentation, assets that were owned before marriage can easily become subject to division,” Cohen explained. “Taking the necessary steps to safeguard property, including the use of a prenuptial agreement, is essential for anyone concerned about protecting their financial future.”

For those entering a marriage with significant assets, Chicago divorce and prenuptial agreement lawyer Debbie Cohen can offer personalized assistance in drafting prenuptial agreements. A prenuptial agreement can help clearly define which assets are non-marital and prevent them from being divided in the event of a divorce. This proactive approach is vital for individuals with assets such as real estate, financial accounts, or personal belongings that they wish to protect.

Cohen elaborated on Illinois’ legal framework, which defines non-marital property under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503). The statute lists categories of assets considered non-marital, including property acquired before the marriage, gifts, inheritances, and assets awarded through court judgments. Non-marital property can also include assets acquired in exchange for non-marital property, as well as any appreciation in value or income generated from non-marital assets, provided they remain separate from marital funds.

According to Cohen, safeguarding non-marital property begins with understanding the legal distinctions between marital and non-marital assets. “The classification of property is not always straightforward,” Cohen stated. “In some cases, even if an asset was initially non-marital, it can lose that status if it becomes commingled with marital property.” The Chicago divorce and prenuptial agreement lawyer provided the example of using marital funds for improvements or mortgage payments on a home purchased before the marriage, which could lead to the property being partially classified as marital during a divorce.

To prevent commingling, Cohen advised clients to maintain separate accounts for non-marital assets and keep detailed records of transactions. “Keeping non-marital property separate from marital assets is critical for preserving its status,” Cohen said. “Meticulous documentation can make all the difference in proving that an asset should remain classified as non-marital.”

Beyond prenuptial agreements, Cohen emphasized additional strategies for protecting property owned before marriage, such as setting up trusts or maintaining clear records of non-marital contributions. “A well-drafted trust can offer an extra layer of protection for significant assets, such as real estate or large financial accounts, by keeping them out of the marital estate,” the Chicago divorce and prenuptial agreement lawyer said. This method further ensures that non-marital assets remain under the control of the trust and are not subject to division during a divorce.

In cases where divorce becomes unavoidable, Illinois courts follow the principle of equitable distribution, which aims for a fair—not necessarily equal—division of marital property. Cohen highlighted that the court first classifies all assets as either marital or non-marital before determining how marital property should be divided. Factors such as each spouse’s contribution, the length of the marriage, and the financial needs of both parties are considered in the final decision.

For couples considering marriage, Debbie Cohen’s advice is clear: plan ahead. “Taking steps to protect your property before marriage is one of the best ways to ensure peace of mind,” Cohen said. “Whether through a prenuptial agreement, a trust, or simply keeping non-marital property separate, there are many ways to secure your financial future.”

About Cohen Law LLC:

Cohen Law LLC is a Chicago-based law firm that focuses on family law, including divorce and prenuptial agreements. Led by Debbie Cohen, the firm can provide personalized legal services designed to help clients protect their assets and navigate complex legal processes. With a commitment to offering practical solutions and protecting clients’ financial futures, Cohen Law LLC can be a trusted partner for those seeking guidance in family law matters.

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Website: https://cohenfamilylawyer.com/

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Company Name: Cohen Law LLC
Contact Person: Debbie Cohen
Email: Send Email
Phone: (312) 835-2996
Address:1363 Shermer Rd Suite 228
City: Northbrook
State: Illinois 60062
Country: United States
Website: https://cohenfamilylawyer.com/