Not if a protective order’s been entered. Usually this is one of the prime reasons the protective order is entered. And the protective order would set out the ground rules and lay out that what is to be kept private shall be kept private, and only disclosed to the parties for the purpose of that […]
Asset and Property Issues
If one spouse owns a business, how can he or she protect the company during divorce?
This is a two part question and so I’ll take it as a two pronged answer. And first I’ll look as it pertains to protecting the business financially, this again depends on the facts specific to the case. As you can see, family law is a very fact specific driven type of law. Everything needs […]
If a spouse was using marital funds to pay for gambling debts, would fault play a role in property division?
If the fault was something like one of the spouses had an undisclosed gambling addiction and was using marital funds to pay for those gambling debts? Would there be any difference made in terms of property division if this was discovered upon divorce, that he or she had gambled away $50,000 or $100,000 of marital property?
Where there are multiple properties, how will these be divided on divorce?
Where there are multiple properties, some owned by one spouse before marriage, some income properties and some family residences or vacation homes, how will these be divided on divorce? Are they all subject to division or are some exempt?
Does fault ever play a role in asset division in Illinois?
No. Unfortunately, divorce is, at least from a lawyer’s perspective and the division of assets aspect, a business proposition. Unfortunately, our clients often look at is as the emotional impact and we understand and look at that, but that’s why you hire someone such as ourselves. We’re experienced at divorce and detached emotionally as we […]
Can you get a divorce without having to divide marital assets and debts in Illinois?
No, that is not possible. There always has to be a division of marital assets and debts. Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce.
What happens if both spouses want to keep 100% of the same marital property?
In real life both spouses cannot keep possession of the same marital property. The law views it as there’s two rights to property in a sense. There is the physical possession of the items such as a home, and then there is the property value, which is the cash value or the fair market value […]
Can a prenuptial agreement override normal property division rules?
Yes it can. But the first thing to consider would be to look at the pre-marital agreement and you’d have to establish the fact that there was an actual valid pre-marital agreement entered into by the parties. Then yes, that would override the rules of property division because it’s a separate contract that those specific […]
In Illinois are assets typically split 50/50 on divorce?
In Illinois are assets typically split 50/50 on divorce? How does that work? For instance, you can’t really split a car right down the middle or a house.
Is a degree earned during the marriage a marital asset?
That’s a very typical question a lot of people ask. And the professional degree itself is not a marital asset; it’s the degree that is earned by the one party over the other. So, those are not necessarily valued. They don’t have a value in the sense to the marriage, but they are earned by […]
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