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 the husband was entitled to property valued at $2,050,890 ($483,139.50 of marital property and $1,567,750.50 of nonmarital property). The wife was entitled to marital property valued at $797,074.50. Husband appealed.
The court must classify the property as either marital or nonmarital. Prior to assigning or dividing property upon dissolution of marriage. Any nonmarital property must then be given to the proper spouse.
However, section 503(b) of the IMDMA creates a presumption that all property acquired by either spouse after marriage and prior to a judgment of dissolution of marriage is presumed to be marital property. Regardless of how the title is held.
Marital property must be distributed in just proportions. The court is specifically directed to consider the “value of the property set apart to each spouse.”
The distribution of assets rests on the particular facts of each case. The husband’s significant amount of nonmarital property justified an award of most of the marital property to the wife.
The trial court did not feel that the stock was issued to the husband as the husband claimed. Not by way of true gifts, stock exchanges, or exchanges for overdraws. The stock was, therefore, marital property.
“Fortunately in our Democratic society the vow of marriage to care for a spouse until death remains a wee bit intact even for the wealthy.”
IRMO Landfield, 209 Ill.App.3d 678.
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