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.
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.
When a couple files for divorce, they aren’t just ending a marriage under the eyes of the law. The pair is dividing a life in which they earned money, purchased homes, made investments, built up retirement and much more. Property division is a major part of the divorce process.
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.
When we last visited with Frank and Jamie McCourt, they were in a court hearing regarding Jamie's petition to set aside their divorce settlement. Once again, the Dodgers baseball team was at the center of the dispute; this time, however, it was not the ownership of the club but its value.