Financial Issues When Divorcing

//Financial Issues When Divorcing

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 [...]

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

COURT ALSO CONSIDERS THE NONMARITAL PROPERTY

Wife has nonmarital assets of $1 million. The previous year, it had generated income of $69,000. The record additionally reflects wife has experience teaching high school students. Wife could increase her income if she chose to return to teaching. Husband has no nonmarital assets. He has nonmarital debts of $70,000 from the business. He earned [...]

ARE SICK DAYS AND VACATION DAYS MARITAL PROPERTY?

The Illinois Supreme Court held that: 1 Accrued vacation and sick days are not marital property. They are not subject to distribution in a dissolution of marriage action. But 2 It is marital property if a party has actually received payment for vacation and/or sick days. If they are accrued during marriage before a divorce [...]

By | November 17th, 2018|Financial Issues When Divorcing|0 Comments

SIGN THE PRENUP OR NO MARRIAGE

Shortly before their marriage, Sandra and Edward signed a premarital agreement. Both parties were represented by separate attorneys. The Agreement defined the parties' rights on the issues of property and maintenance in the event of a divorce. Edward was the sole shareholder and chief executive officer of a company. He earns in excess of $250,000 [...]

By | November 8th, 2018|Financial Issues When Divorcing, Uncategorized|0 Comments

WHAT IF THERE IS MORE THAN ONE REASONABLE INTERPRETATION?

Husband and wife agreed to carry insurance on their lives in their divorce decree.   Upon the death of a party, each of their two children shall be entitled to receive death benefits.  Each child was entitled to $50,000.00 in death benefits. The Agreement did not specifically mention husband's existing life insurance policy.  Husband had not [...]

TRANSFER OF MONIES INTO JUST WIFE’S NAME

Husband funded an IRA in his wife’s name.  Divorce proceedings and trial took place.  Wife argued that the IRA money was a gift to her from her husband.  She testified that the transfer was to make her feel secure.  He testified that the transfer was to protect from malpractice claims against him.  It was her [...]

READ THE PRENUP BEFORE YOU SIGN IT

The parties signed a PreNuptial Agreement before they married.  It included a waiver of the right to maintenance. Husband later filed for divorce. Wife argued that she should receive maintenance and a portion of any property which had been acquired during the marriage.  Husband argued that the premarital agreement specifically provided that anything acquired during [...]

By | September 25th, 2018|Financial Issues When Divorcing, Property Division|0 Comments