Property Division

//Property Division

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 [...]

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