Butler Giraudo & Meister
Peoria 309-407-3332
Morton 309-263-1204

High-Asset Divorce Archives

Factors Deciding Property Division in Illinois

Due to the fact that Illinois is an 'equitable division' state, it is not necessary that marital property is divided equally between spouses during a divorce. Let's look at the main factors which decide how much of the marital property will be awarded to each spouse:

Utilizing Offshore Accounts for a Divorce

It is often quite difficult to ensure during a divorce that all the property each spouse possesses is presented before the court for a fair division. Particularly during divorces between High Net worth individuals, it is often possible that one or both spouses are using offshore accounts to store their wealth.

Protecting your finances during divorce

Divorces are tricky, and there's no telling how much of your money and assets you could end up losing to your spouse in the end. That is why it's a good idea to take steps right from the start to protect your finances in preparation for the divorce. One of the first steps to take is to make a careful evaluation of your marital assets, account balances and how much of your money is invested in joint assets.

Prenups No Longer a Stigma

Times have changed. In the old days, a prenuptial agreement seemed to be the exclusive territory of a wealthy executive who left his family to marry his young secretary, or perhaps it was when two old-money families sealed a merger through the marriage of their kids. But in the era of duel income families and women working in every area of the job market at every level, a prenup may simply be the smart option for when couples decide to get married.

Appellate court: $11M in wrongful conviction settlement money is martial property

As we've discussed, the law here in Illinois provides that any property acquired during the course of a marriage is subject to equitable division in the event of a divorce. What this essentially means is that this marital property -- not to be confused with separate property -- will be divided in a fair, but not necessarily equal, manner by the court.

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Toll Free: 888-314-9667
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