lump sum money
2 replies to this topic
Posted 27 August 2012 - 03:14 AM
My husband and i got married in January 2009 in the state of Illinois. He filed for divorce in January 2012. He received a lump sum payment in February 2009 from the sale of a home he had before marriage. In 2011, he received a lump sum payment from a past tax return mistake while in the army. Am I entitled to any of the money? Is it considered marital property?
Posted 27 August 2012 - 03:24 AM
That depends. Property owned by either spouse before the marriage took place is separate property unless the owner does something to mix ("commingle") the property with marital assets, such as by using the proceeds from the sale or settlement to purchase or improve marital property, or by making it a gift to the other spouse. Each state's laws on commingling are different, so if the lump sums you are talking about are significant, you need to discuss the matter with a local divorce lawyer.
Posted 27 August 2012 - 07:18 AM
You may want to visit the Family Law Center: Divorce and read Divorce and Property for more information regarding this subject matter. I also agree with the previous poster that you may want to discuss this matter with a local Divorce Lawyer to advise you further in detail about your options.
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