Former professional wrestler Hulk Hogan (whose real name is Terry Bollea) and his wife of 26 years were officially divorced in July 2009. The property settlement in their divorce was recently made public because the two have a dispute over the amount owed to his ex-wife from her ownership interest in some of his businesses.
As part of the divorce process, separating couples in Lake County and elsewhere must decide how to split up their property. Divorced people often understand their property division agreements in general terms, but it is crucial they completely understand the details of what they agree to. The penalties for not doing so were illustrated recently when a high-ranking bank executive was ordered to pay $750,000 in interest after he made a divorce settlement payment, but didn't make it in compliance with his agreement.
We had a lively discussion this weekend about marital and non-marital property. A friend of ours was visiting Chicago from one of the prairie states, and after a few minutes of conversation she went into a panic. Not a breathing-in-a-paper bag panic, but definitely a wild-eyed "yikes" panic.