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Property Division Archives

CEO's property division settlement could break record

Ever since media mogul Rupert Murdoch divorced his wife in 1999, his split has been considered to include the world's biggest divorce settlement. Even though Murdoch is in the process of getting divorced again, a fellow businessperson may soon surpass the 1999 record set by Murdoch. Harold Hamm, CEO of an oil company, could end up owing his wife $3 billion as the split is finalized.

529 plan college savings can be saved in property division, p. 3

We are wrapping up our discussion of 529 plan accounts and how couples can handle them during a divorce. The plans offer a tax advantage -- federal taxes, not Illinois state taxes -- to people who save for future educational needs, generally parents thinking ahead to their children's college tuition bills. The money in the plan account is a marital asset if it was amassed during the marriage, so it must be included in the property division settlement.

529 plan college savings can be saved in property division, p. 2

We are continuing our discussion of 529 plan accounts. As we mentioned in our last post, the plans are useful tools to help parents build up savings for their children's educations. They work a little like individual retirement plans in that the owner builds up the balance over time, often through payroll deduction; any funds withdrawn to cover educational expenses are exempt from federal tax.

529 plan college savings can be saved in property division

It is hard to say when college got so outrageously expensive. Lake County residents have a number of close-to-home options for undergraduate degrees, but even living at home and taking public transportation to school cannot fully mitigate the basic cost of that bachelor's degree. 

McCourts back in court over division of assets, p. 3

Just when you think it's safe to go back in the sports pages, the divorce drama of Frank and Jamie McCourt reemerges. The McCourts property division battle has centered on the Dodgers baseball team -- a team that, like Chicago's own Cubs, is sitting at the bottom of its division.

McCourts back in court over division of assets, p. 2

We are still talking about the most recent hearing in the Frank and Jamie McCourt divorce. The couple made headlines for months in 2010 -- and 2011, 2012 and now 2013 -- as they argued over the ownership of the Dodgers baseball team. At the heart of the dispute was a drafting error: The couple signed different versions of the post-nuptial agreement when Frank purchased the team. It was up to the court to determine whether either version was valid.

McCourts back in court over division of assets

Frank and Jamie McCourt appeared in court in April to argue a motion Jamie made last fall. The motion, which we discussed in our Sept. 28, 2012 post, asked the court to throw out the couple's settlement agreement because Frank had fraudulently misrepresented the true value of the centerpiece of their divorce, the Dodgers baseball franchise.

Taxpayer Relief Act may change asset division in some divorces

High-income couples who divorce this year are facing a new tax landscape, thanks to the American Taxpayer Relief Act. While Congress avoided sending the country over the fiscal cliff, the new law presents a bit of a learning curve for everyone involved in the breakup of a marriage.

Allen Iverson and wife reach multimillion-dollar divorce settlement

NBA legend Allen Iverson has been involved in an ongoing, acrimonious divorce. The couple was married in 2001, and together they have five children. Iverson's wife filed for divorce in 2011, but they had yet to agree on a financial settlement. Their divorce case was set to go to court in just a few days, but they have finally been able to come to a divorce settlement, which has now been presented to a judge for incorporation into the divorce decree.

Divorce signals need to go over single-life checklist

For many couples in Illinois who get divorced, property division may be at the top of the list of priorities when it comes to hammering out a settlement. After all, each party wants to get what it thinks is fair. However, some people may fail to take the bigger picture into account. After all, while property is important, there will be several ongoing expenses that will need to be dealt with.

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