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.
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.
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 fans of filmmaker Michael Moore may have heard that he and his wife of 23 years are divorcing. Moore's wife also produced some of his documentaries, and the two will be going to court to settle the division of assets.
Property division can be an extremely complex matter under Illinois divorce law, and spouses going through a divorce will want legal guidance to achieve a fair settlement. For example, even when both parties think the best course of action is to sell the house they used to share, legal and financial bases have to be covered to ensure a favorable outcome. Otherwise, one spouse could end up short-changed or owning a house he or she doesn't even want.
We are finishing up our discussion of Patrick Arbor's unconventional -- and illegal -- approach to his divorce. Arbor was the chairman of the Chicago Board of Trade in the 1990s and was a member of the city's business elite until he fled the country this summer.