assets

Civil Unions – how far back do we value assets?

In a recent decision by the Second District Appellate Court, the Court held that as of the effective date of the Illinois Religious Freedom Protection and Civil Union Act ( the “Act”), (effective June 1, 2011) Illinois recognizes any civil union that was legally entered into in another jurisdiction as valid from the date on…
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Protecting money without a prenuptial agreement in Illinois

Although a prenuptial agreement is a great way to protect assets in a divorce, there are other options available as well. One of the best ways to protect assets during a divorce is to keep separate funds in a separate account. As soon as funds are commingled, they could become eligible for division in a…
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In a divorce, artists are required to list artwork as assets

When couples in Illinois are getting divorced, the spouses are required to assemble a list of all assets. For artists, this includes works of art that have been created since the marriage was formed, and in some cases, since the separation. Placing value on artwork can be a difficult process, but there are multiple ways…
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How marital property is divided in Illinois courts

When a couple gets a divorce in Illinois, the property that both parties acquired during marriage is not divided equally in half. If a couple cannot reach a Marital Settlement Agreement on their own that lays out the division of their marital assets, then a judge will look at a variety of factors to determine…
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Pet custody issues now common in divorce proceedings

Illinois residents may not have heard that a celebrity couple has finally decided to call it quits after almost 20 years of marriage. Antonio Banderas and Melanie Griffith recently announced their desire to settle their split cordially. However, that goal seems to be threatened by an impending custody battle over their pets. Griffith is reportedly…
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Complex property division in Michael Moore divorce

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…
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Rise of ‘gray divorce’ raises many questions for older couples

Imagine that you and your spouse have been happily married for many years. You’ve been through a lot together over the decades, and as the calendar keeps flipping, it seems like you and your spouse will be together forever. Up into your 40s and even in your 50s, the two of you feel a strong…
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Why you need a prenup if you plan to go to school during marriage

Many people think of a prenuptial agreement as a tool to clearly lay out how a couple will divide their assets in the event of a divorce. While this is true, a prenuptial agreement can also address debt. Like assets, a couple will also have to determine how to divide debts if they choose to…
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Prenuptial agreements not romantic, but extremely practical

Of all the family law issues a married couple might face throughout their relationship, property division usually isn’t the most emotional one — at least on its surface. When it comes to divorce, child custody and child support tend to dominate the feelings of spouses. But that doesn’t mean dividing up the material possessions won’t…
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As household revenues increase, so too does the divorce numbers

While we welcome good economic times, a higher divorce rate can also come about when the economic forecast improves.  One couple stayed together in what they considered an unhappy marriage because they did not feel they could afford to divorce.  The couple is now going through the process of divorce as revenues in the company…
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