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.
Getting divorced is never easy, and there are many considerations to make during this difficult time. What will happen to the house? Will my retirement plans say the same? These are common questions many spouses think about after deciding to get divorced.
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.
Former Chicago Board of Trade Chairman Patrick Arbor changed the locks on his Water Tower Place condo the day his wife filed for divorce. It had nothing to do with the property itself, he told the court during divorce proceedings. Rather, it had to do with the fact that his then-wife had "looted" about $400,000 from his safe. His wife, Antoinette Vigilante, responded that he had not told her about the safe.
As much as we try to leave high-profile divorce cases to the coasts, the Midwest occasionally sees one of our own make headlines. The most recent instance is a dramatic turn of events in the divorce of former Chicago Board of Trade Chairman Patrick Arbor. Arbor fled the country recently in what many believe is an attempt to keep a great deal of money from his ex-wife.