marital property

The division of property in a divorce

In several states, property division is based on community property rules. Under this principle, property obtained during the marriage is deemed to be owned jointly by the spouses, and thus during a divorce, these assets will be divided equally between the two parties unless they otherwise agree. While Illinois is not a community property state,…
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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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Divorce considerations for professionals in Illinois

Illinois couples have to cope with a number of difficult and potentially contentious issues during a divorce, but professional couples have even more to consider. Matters such as alimony, child custody and property division often lead to vigorous and emotionally charged discussions, but doctors, lawyers, architects and accountants must also determine the value of a…
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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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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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