Illinois artists who are divorcing will need to inventory and assess the value of their artwork along with other assets. Work created by an artist during marriage is considered to be joint marital property just like real estate, vehicles and shared accounts. In this case, "art" may include not just works like paintings and sculpture but also film, comics and novels.
When Illinois couples prepare to get divorced, it is important for each spouse to protect their own finances. Since married couples typically intermingle their money and assets, getting divorced involves a division of everything the couple owns, including debts. One of the first steps a person can take is to close joint accounts. Closing joint accounts and opening separate credit card and bank accounts can prevent questions about whether joint debts were created before or after the couple's separation. It can also give each party the opportunity to establish credit in their own name.
Illinois residents who inherit money or other assets while married need to be cognizant of what they do with this inheritance lest they lose it during a divorce. Inheritances received before or during a marriage are deemed to be separate property that can't be touched during a divorce.
In Illinois, certain laws apply when dividing pensions and other types of monetary assets during a divorce. The laws only apply to marital property, which are the things a couple acquires during the course of their marriage. Non-marital property does not have to be divided. Non-marital property might be something received by one spouse as a gift or inheritance. A couple may also agree that some property won't be divided during their divorce.
Forensic accounting is the practice of looking at paperwork and finding irregularities or evidence of fraudulent conduct. It is often used when auditing companies, but it may also be used during property division in cases of contentious divorce where large amounts of assets are jointly owned. It is especially useful when a business or businesses are owned by parties in the divorce as this may be a way that one spouse "hides" money from the other spouse or masks an income.
One of the most stressful aspects of divorce can be the division of property, and gifts and inheritances in equitable distributions states, such as Illinois, can make this division even more contentious. With this in mind, spouses should clearly establish what is separate versus what is marital property in order to protect their individual inheritances and gifts in case of a divorce.
Illinois couples with a high net worth might be interested in a pending divorce that involves the billionaire Harold Hamm. Authorities report that the legal termination of the 26-year marriage between the oil magnate and his wife may result in a divorce judgment that breaks records for its expensiveness. Reportedly, an Oklahoma court is to preside over the case, which may take as many as eight weeks to litigate.