In Illinois, when a spouse spends money for non-marital purposes, we call it dissipation. Amounts dissipated are essentially put back into the marital pot to be divided. The timing of the spending, the status of the marriage when the funds were spent, the purpose of the spending, and the amounts of … [Read more...] about Dissipation: Spending Funds for Non-Marital Purposes
Divorce - Property Division
Bankruptcy and Divorce
Unfortunately, bankruptcy and divorce can be interrelated. When there are not enough assets or income in the marriage and a bankruptcy is necessary, you and your attorney should discuss when to file for bankruptcy, how to file for bankruptcy and the bankruptcy's effect on the current or future … [Read more...] about Bankruptcy and Divorce
Numbers Count in Divorces — Know Them
Your divorce is unique. Yet decades of cases with some similar factors or issues may have been decided by appellate courts in Illinois. This history, or precedent, can be used by current courts to aid judges in making decisions. Knowing the numbers in Illinois divorces helps divorce lawyers make … [Read more...] about Numbers Count in Divorces — Know Them
Marital Property
Identifying and Distributing Marital & Non-Marital Property in an Illinois Divorce In an Illinois divorce, when and how property was acquired can make a difference. Knowing the difference between marital and non-marital property both before and during a divorce can keep you from making costly … [Read more...] about Marital Property
Retirement Plans and Illinois’ Divorce
Retirement plans and the house are usually the most valuable assets of a marriage. Dividing retirement plans can be a fairly complex subject, especially when the plan either existed before the marriage or will continue to accrue benefits after the marriage. However, since pension plans and other … [Read more...] about Retirement Plans and Illinois’ Divorce
Business Value and Illinois Divoirce
Value of a Business or Professional Practice The value of a spouse's ownership of a business or professional practice may be a very valuable asset, but it is also difficult to value. To divide property, the court needs to know the property exists and have some evidence regarding the value of the … [Read more...] about Business Value and Illinois Divoirce