It would depend on how they choose to divide it. You’d have to value it and see what it is. It would depend on the other factors of the situation. The judge would have to apply what are the other assets that the parties own? Do they both have the same income potential? Do they […]
Financial 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 someone owned a mutual fund account prior to marriage, how much of that would be separate property after separation?
Let’s say someone owned a mutual fund account valued at $100,000 prior to marriage and kept it solely in his or her name. At the date of separation, the account had grown to $150,000. How much of that would be separate property and how much is marital property?
What is an example of non-marital property that was received as a gift during a marriage?
Money inherited from a relative is almost always, is always considered a gift of non-marital property. In the case in which the relative who was dying or deceased had left it to the one spouse over the other, that is always considered non-marital property. There are situations in which then it can become that but […]
If the moneyed spouse was having an affair and spent large sum, can the legal spouse reclaim any of this money during divorce?
Yes the person can. This is considered what is called dissipation; dissipation occurs when one party uses marital funds for non marital purposes, and in this case, to fund an affair or any gifts that are given to the person he or she is having the affair with. So, in this sense the spouse who […]
How can a financially inexperienced person know if a spouse is being completely truthful in his or her financial disclosure?
The best way for a financially inexperienced person to know if the other spouse is being completely truthful in his or her financial discovery is to work with his or her lawyer when the lawyer sends discovery requests and other questions to the other side. Discovery is the formal process by which the lawyer can […]
If someone enters the marriage with pre-marital property, would any growth on that be separate or marital property?
The answer is it depends on the situation. If the party maintains it separate than any accumulation of wealth and if it’s a non-marital property, then the wealth that accumulates is non-marital property. There are situations in which if the other spouse contributes to the non-marital property, gives it time or effort or does their […]
What is the difference between marital property and separate property?
Marital property is any property that’s acquired during the course of the party’s marriage; separate property would be more appropriately called non-marital property. Non-marital property is any property that’s listed by statute in the Illinois Marriage and Dissolution of Marriage Statue. You have to look at it as there are specific categories of non- marital […]
What is the difference between equitable distribution state and a community property state?
First, Illinois is considered an equitable distribution state. What equitable distribution state means is when the judges are looking at the marital assets as a whole, they will start at 50/50 and then they may go up or down from there as they see fit in order to arrive at an equitable division of the […]
Is going to court the only way to ensure getting your fair share?
Is it true that going to court is the only way to ensure that you’ll get your fair share?
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