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 $20,000 the past year. That was from employment at a business which is either failing or has failed.
Wife has substantial nonmarital property, earns more income, and has a greater opportunity to acquire assets and income in the future than Gordon. Yet, of the net marital estate of $274,006, the trial court awarded husband net marital assets of only $62,070. Husband appealed.
The Appellate Court reversed and remanded. The trial court must revisit this case. It must make an equitable distribution of property. In accord with this order and the statutory factors.
There are multiple statutory factors that must be considered in dividing property.
(1) the contribution to the acquisition, preservation, or depreciation or appreciation of marital or nonmarital property;
(2) the value of the property set apart to each spouse;
(3) the duration of the marriage;
(4) the relevant economic circumstances of each spouse, including the desirability of awarding the marital home or the right to live therein to the spouse having custody of the children;
(5) obligations arising from prior marriages;
(6) any antenuptual agreement;
(7) the age, health, station, occupation, amount and sources of income, vocational skills, employability, estate, liabilities and needs of the parties;
(8) the custodial provisions for the children;
(9) whether the apportionment is in lieu of or in addition to maintenance;
(10) the reasonable opportunity of each spouse for future acquisition of capital assets and income; and (11) the tax consequences of the property division.
IRMO Forbes. 251 Ill.App.3d 133