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Property Division Archives

Common ways spouses hide assets during divorce

Divorce can have a huge impact on both spouses' finances and has led many spouses getting divorced to try and hide their assets. Hiding assets has become more common in divorces today so it is important for individuals to know the signs and consequences of hiding assets during divorce.

McCourt accused of dodging Dodgers' true value in divorce

Chicago Cubs fans may not be happy with their team's place in the standings, but there may be a sense of schadenfreude in knowing that one of the most reviled men in baseball, former Dodgers' owner Frank McCourt, is back in court. McCourt's ex-wife Jamie says she reluctantly filed suit after other approaches failed. She says McCourt understated the value of the Dodgers in the couple's property settlement.

Ex-con, exoneration, ex-wife: An interesting property division dilemma

As we have discussed in earlier posts, Illinois is not a "community property" state. Instead of splitting marital property 50/50 in a divorce, the parties -- or the court -- divide property equitably, taking a number of factors into consideration. It is hard to say if the case we discuss below would be decided any differently in an equitable property division state, but the outcome in the community property jurisdiction was pretty interesting.

Dissolution action stay, TRO: Property division's best friend? p2

We are talking about how temporary restraining orders -- also called dissolution action stays -- work in Illinois. These orders are often used in child custody and domestic violence situations, but we are focusing on their role in property division in a divorce. Basically, TROs protect both parties by maintaining the status quo for marital assets.

Dissolution action stay, TRO: Property division's best friend?

If Tom Cruise and Katie Holmes had not had an antenuptial agreement, how would they have approached property division? Every news article made a point of saying that Cruise was worth much, much more than Holmes. When she served him with the divorce papers, how could she have kept him or his accountants, business managers, agents, lawyers and other representatives from moving assets around to make it look as if he had less? How could she -- or anyone, for that matter -- have kept him from giving everything he owned to his son so he could honestly say he had nothing?

Term life insurance: A hidden asset in divorce? (cont.)

We have been talking about something that often goes overlooked in a divorce: term life insurance. Couples often invest in term life policies as an estate planning tool. The unexpected death of one spouse can be financially devastating to the other; if there are kids involved, the loss of the primary wage-earner can be a disaster.

Details from Hulk Hogan's property settlement disclosed

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.

When long-term marriages end, the real trouble can start, p. 2

We are continuing the discussion from our last post, about long-term marriages coming to an end. There are no hard and fast statistics, but family law attorneys in Chicago and elsewhere report a higher volume of older clients, some married for 25 or 30 years, looking to divorce.

When long-term marriages end, the real trouble can start

A friend of ours announced recently that her parents were celebrating their 60th anniversary. Their marriage is rare, especially these days. Divorce attorneys in Illinois and elsewhere report counseling more couples looking to end their long-term marriages. Many times, a husband and wife drift apart over the years -- like Al and Tipper Gore, for example -- and decide to go their separate ways.

Misunderstanding property division costs bank exec $750,000

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.

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