hidden assets, Palatine Division of Marital Assets LawyerLocating Hidden Assets in a Palatine Divorce

Illinois law requires that parties in a divorce disclose all financial information to the other spouse in order to facilitate the division of assets. Most of the time this information exchange is done in the spirit of the law, since both parties have full knowledge of both the marital asset and their spouse’s non-marital assets.

However, in certain cases, one spouse purposely hides assets from his or her spouse. This may be done in anticipation of divorce, or a spouse may have secretly stashed money away throughout the marriage in the event of a divorce.

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business valuation, Palatine divorce attorneyMany couples, especially those with a high-net worth, own a business that is not only their largest asset, but their sole source of income. When these couples divorce, difficult issues arise such as how to value the business, whether it should be sold or divided and, if divided, which spouse should receives the business and how should the other spouse be paid for his share.

Illinois Business Valuation

In order determine the division of assets in a divorce, the assets must first be assigned a value. However, determining the value of a business is not as easy. For an investment account, you simply look at the balance on any given day, or for a vehicle, you can look up the Kelley Blue Book value.

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marital home, Palatine divorce attorneyIf you have been following the divorce saga of Illinois’ richest man, hedge-fund billionaire Ken Griffin, you may have read that his wife recently filed Court documents alleging that Griffin plans to end her exclusive occupancy of the couple’s marital home and will no longer pay upkeep costs.

While many of us cannot relate to the lives of the very wealthy, the case raises a question that comes up almost every time when meeting with a client for the first time — who gets to live in the marital home during the divorce?

Temporary Relief for Possession of Marital Home

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enforce property claims, Palatine division of assets attorneyTaboos regarding cohabitation are quickly becoming passe as many of today’s couples are opting to live together before – and sometimes in lieu of – marriage. According to the U.S. Census Bureau, unmarried couples comprised 45 percent of all U.S. households in 2010. But until recently, unmarried Illinois couples who ended a relationship had no rights to enforce property claims against an ex-partner, or otherwise divide assets, due to their unmarried status.

Blumenthal v. Brewer: Allowing Property Claims against Unmarried Ex-Partner

In Blumenthal v. Brewer, the Chicago couple had been in a committed relationship for 26 years. They lived together, commingled assets, and raised three children. In all ways, they acted as a married couple. Yet they were unmarried due to same-sex marriage being illegal in Illinois. Brewer, an attorney, had stayed home for several years to raise the children. Her partner, however, built a lucrative medical practice. At the end of the relationship, Blumenthal’s net worth was $500,000 more than Brewer’s.

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division of assets, Palatine divorce attorneyMy spouse and I have been married 15 years. I want to get a divorce, but I have been a stay-at-home mom for the past 10 years. I have no money, and everything is in my spouse's name. I do not know how I will be able to start over from scratch.

Questions similar to the one above are often posted to social media and divorce-related websites, and understandably, those in these situations are concerned. When it comes to divorce, there is a difference between marital and separate property, and separate property is not involved in the division of property. But simply because one spouse's name is not on a title does not make it separate property.

Property Division in Illinois Divorce

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