In Illinois, when spouses divorce, equitable distribution is the principle used to divide marital property. Of course, “equitable” is not necessarily synonymous with “equal.” When complex assets are involved, one spouse could be entitled to more property than the other. Matters can become particularly complicated if a divorce involves a combination of business assets, separate property, retirement accounts, real estate, tax obligations, investment accounts or hidden assets.
If you expect such a divorce, then what you need is a meticulous and cost-sensitive approach to protecting your financial interests now and in the future.
Documentary filmmaker Michael Moore and his wife Kathleen Glynn are currently going through a divorce that will reportedly involve the distribution of nine properties in two states. Incidentally, Ari Emanuel, brother to Chicago’s Mayor Rahm Emanuel, is expected to be called as a witness in divorce court.
Exactly what Ari Emanuel will say remains to be seen. A court date has been scheduled for July. What is known is that Moore and Glynn together own a large condominium in Manhattan, along with eight other properties in New York and Michigan. The total value of the marital assets was not disclosed, but the value is estimated to be in the tens of millions.
Moore and Glynn have been married for 21 years, and any couple married that long is likely to have accumulated some assets. At the end of a marriage, property division is often one of the most contentious matters to address. Having a divorce attorney with experience in negotiating the division of complex assets can help smooth out an already difficult process.
Source: Detroit Free Press, “Michael Moore’s Michigan mansion at stake in divorce case,” Trey Barrineau, June 5, 2014