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Who is Entitled to Commingled Assets in a Divorce?

 Posted on August 28, 2023 in Property Division

Wheaton, IL asset division lawyerDivorce can be an emotionally and legally turbulent process, particularly when it comes to dividing assets acquired during the marriage. In Illinois, the division of commingled assets can add an additional layer of complexity. In this blog, we will explore the factors that influence the division of commingled assets in an Illinois divorce, providing clarity on who may be entitled to them and how these decisions are made. Discuss with your divorce attorney how commingled assets may be a factor in your divorce and how such assets should be equitably divided. 

A Simple Way to Understand Commingled Assets

Commingled assets refer to funds or properties that have become mingled or mixed during the course of a marriage. For instance, if money from a rental property owned by just one spouse is deposited into a joint bank account and spent on marital expenses, the money becomes commingled and may no longer be the sole property of the spouse who owns the rental property. In Illinois, determining the status of these assets and ensuring a fair division can be challenging, as the court follows equitable distribution rather than a precise 50/50 split. When it comes to commingled assets, the court will consider various factors, including:

Tracing Separate and Marital Contributions

To determine the division of commingled assets, the court in Illinois employs the concept of “tracing.” This involves identifying the source and history of each asset and attempting to allocate the relevant portions to the appropriate parties. Parties seeking a favorable outcome in the division of commingled assets must provide clear and convincing evidence of the contributions made to the asset, whether it be separate or marital funds, in order to prove their ownership of a specific portion. 

Legal Assistance and Negotiation 

Do not try to navigate the division of commingled assets on your own. It is strongly advised that anyone going through this complex process should have the help of a lawyer. Not having legal advice during the asset division process of divorce may result in an asset settlement that does not work to your advantage. Additionally, attorneys can help you negotiate a settlement or represent you in court when a resolution cannot be reached. Your lawyer is duty-bound to provide you with the best legal service possible.

Contact a DuPage County Divorce Attorney

If you and your spouse are divorcing and have at least some commingled assets, contact the experienced Wheaton divorce lawyers with The Stogsdill Law Firm, P.C.. Call 630-462-9500 for a private consultation. 

Source - https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000 

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