Wife argues the trial court erred. When it classified and divided a portion of the parties' Merrill Lynch account. The Appellate Court agreed. The parties maintained a joint tenancy account with Merrill Lynch. It had been opened during the marriage. The proceeds of this account came from the sale of stock. Husband had acquired the [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]