Divorce

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WHAT IS DISSIPATION?

A party charged with dissipating marital assets is obliged to establish how those funds were spent by clear and specific evidence.   General and vague statements that the funds were spent on marital expenses or to pay bills will not suffice to avoid a finding of dissipation. A party charged with dissipating marital assets is obliged [...]

By | February 13th, 2019|Financial Issues When Divorcing, Property Division|0 Comments

HE OWES MONEY BACK TO THE MARITAL ESTATE

Wife contends the trial court failed to reimburse the marital estate.  For marital funds contributed to husband's nonmarital residence. The Appellate Court agreed. The parties had agreed that $15,942.95 was paid from marital funds.  To make improvements to the residence.  And $6,213.44 was paid to reduce husband's mortgage.  Husband was awarded the residence as his [...]

WAIVING AN INTEREST MEANS YOU NO LONGER HAVE AN INTEREST IN THAT ASSET

The parties divorced.  Each party kept their own retirement assets.  Each waived an interest of any kind in the other’s retirement assets.  Ex-husband died after the divorce.  He never executed a document changing the ex-wife as the beneficiary to his 401(k) account. The Executor for ex-husband informed Fidelity Brokerage Service that the 401(k) account should [...]

By | February 6th, 2019|Post-Decree Issues, Property Division|0 Comments

LOST WAGE COMPENSATION AND WORKER’S COMPENSATION

Husband appeals from an order of the circuit court finding that a workers' compensation settlement was marital property.  The trial court had awarded 50% of the settlement to wife. Husband argues that the trial court erred in classifying the entire workers' compensation settlement as marital property.  He says that the settlement is compensation for his [...]

CAN YOU KEEP ALL OF YOUR DISABILITY PENSION INCOME?

The military pension of husband was ordered 25% to wife and 75% to husband.  It was to be paid if and when the pension was received. Husband later retired from the military.  After 20 years of service, at the rank of Major.  Husband would have been eligible to receive retired or retainer pay in the [...]

By | January 30th, 2019|Military Divorce Law|0 Comments

NO SALE OF PROPERTY, NO CLOSING COSTS

The trial court stated that it would divide the marital property 60/40 in favor of the wife.   The husband had argued that there were errors in calculating this result. One of those errors was that the court had included closing costs.  The trial court had reduced the net equity value of the marital home by [...]

By | January 24th, 2019|Property Division|0 Comments

CAN YOU STOP SUPPORTING YOUR CHILD BECAUSE YOU DON’T GET ALONG?

Mother filed a petition for father to contribute to their son’s college expenses. The petition alleged that son had graduated from Marmion Academy in Aurora with a 3.75 grade point average.  He would be enrolling at Purdue University in the fall. The cost of attending Purdue University was approximately $20,000 per year.   Son would not [...]

By | January 23rd, 2019|Child Support, Post-Decree Issues|0 Comments

THE VOW OF MARRIAGE TO CARE FOR A SPOUSE UNTIL DEATH….

The divorce court first listed all of the various items of property. It then placed a total value on each item of property. In this case that total value was $2,847,964.51. The court then determined which items of property were marital and which items were nonmarital. The trial court concluded that husband was entitled to [...]

By | November 27th, 2018|Financial Issues When Divorcing, Uncategorized|0 Comments

IS IT A NONMARITAL ASSET OR IS IT MARITAL INCOME?

The divorce court classified husband's interest in the retained earnings of a closely held subchapter S corporation as nonmarital property. It awarded wife approximately 60% of the marital estate. Wife appealed. Wife maintained that the retained earnings should be classified as a marital asset. Because they are not corporate assets but rather income available to [...]

By | November 27th, 2018|Financial Issues When Divorcing, Uncategorized|0 Comments