Property Division

//Property Division

AGREEING TO MAKE A WILL IN A DIVORCE JUDGMENT

The parties divorce. In their agreement, they are each to make and keep in full force and effect a valid will.  It is to provide that each of them will give and bequeath at least 50% of their net estate to their six children in equal shares.   They also agreed to a remedy in [...]

By | August 21st, 2019|Property Division|0 Comments

WHAT IS THE PROPER VALUATION FOR A HOUSE IN A DIVORCE?

Neither party presented the trial court with expert opinion testimony as to the value of the marital residence and a piece of rental property. The husband testified as to his own personal knowledge of what he believed the combined values of the two properties were worth.  The wife presented evidence as to the assessed value [...]

By | July 15th, 2019|Property Division|0 Comments

DISSIPATION-WHAT AND WHEN

At trial, the wife testified about and introduced into evidence several spreadsheets.  She argued that they made a basic showing that the husband had dissipated over $160,000.  In unaccounted cash withdrawals from his bank accounts from 2010 through the first half of 2016. Dissipation is the use of marital assets for the benefit of one [...]

By | July 15th, 2019|Property Division|0 Comments

WHEN IS A BIFURCATED JUDGMENT APPROPRIATE?

Wife filed a petition for dissolution for marriage.   Husband filed an answer and counterpetition.  He also filed a declaratory judgment action.  He was asking that their antenuptial agreement was valid and binding. At the conclusion of trial, husband's counsel requested the court to enter a judgment of dissolution.   Wife objected. Husband had a serious medical [...]

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

VOW TO CARE FOR A SPOUSE UNTIL DEATH REMAINS A WEE BIT INTACT

The trial court held that the home in which parties resided for their 28–year marriage was marital property.  It awarded the home and its furnishings to wife.  Husband appealed. The marital home, located in Winnetka was acquired by the parties after their marriage.   It was acquired and built from the proceeds from the sale of [...]

By | April 25th, 2019|Property Division, Uncategorized|0 Comments

IT’S OURS, NOT YOURS

At the divorce trial, the Trial Court held that the marital residence was husband’s non marital property.  It ordered husband to reimburse the marital estate for monies it had contributed to build the marital residence. Wife argued that the residence was marital property.  Wife appealed. Husband had contributed a substantial amount of non-marital funds towards [...]

By | April 25th, 2019|Property Division, Uncategorized|0 Comments

NO MARRIAGE, SO RETURN THE WEDDING RING?

Man filed a replevin action against his former fiance for return of a diamond engagement ring.  Attached to the complaint was a form entitled "Insurance Replacement Appraisal," from a jeweler.  The estimated value of the rig was $100,000.  A picture of the ring was included. The man argued that an engagement ring is a gift [...]

By | April 3rd, 2019|Family Law Issues, Property Division|0 Comments

WAS HE LYING THEN, OR IS HE LYING NOW?

In a divorce case, there was a disputed $1,551,616.48 Fidelity account. At one time, this account contained husband's premarital fund.  It was a joint account between the parties. Later, husband transferred the account solely to wife. Husband testified he transferred the account to wife to protect the account from two malpractice actions that were then [...]

SITTING ON YOUR RIGHTS-YOU SHOULD HAVE STOOD UP SOONER

The Appellate Court agreed with wife’s argument that the trial court should not have entered a default judgment against her.  It had contained a joint custody order.  It contained full detail on how the parties were to share responsibilities and time with the children.  It divided up the assets between the parties.   It divided the [...]

BE CAREFUL WITH THE DRAFTING OF PRENUPS AND BENEFICIARY DESIGNATIONS

It was a month before they were married.  Toni and Charles signed a "Premarital Agreement." They agreed that the property of each would remain separate after their marriage.  They explicitly waived any right to each other's property. Two years after they were married, wife died. Her estate and her father now seek to enforce the [...]