Illinois residents who own a business with their spouse may have a difficult time dividing that asset in a divorce. Because many business owners hold the majority of their wealth in their company, it's usually not that simple for one spouse to just buy out the other spouse when they go through a divorce. In many cases, divorcing business owners who do not want to keep working together are forced to sell their business and divide the profits.
If you are preparing to divorce in Illinois or Missouri, you will likely need to contend with how to divide your assets. Courts divide marital assets equitably, which means in a manner that judges consider to be fair. This may mean that the assets in your marriage will not be divided equally between you and your spouse.
For many Illinois couples, their house or condo is their most valuable asset. It is thus not surprising that an impending divorce can create a fair amount of concern about what will happen to their home. Several considerations come into play, including whether the home will need to be sold and when the sale should take place.
A Illinois man may have to split his wrongful conviction settlement award with his ex-wife. The couple was married while the man was incarcerated for an event that took place before they were married. After the man was exonerated in an appeal, he filed a wrongful conviction lawsuit and was awarded $20 million. The couple was still married when the lawsuit was filed.
It isn't uncommon for Illinois couples who are getting a divorce to wonder who will get the marital home. In many cases, the couple can decide on its own who will keep it or whether it will be sold and the proceeds divided. However, if a couple is unable to come to an agreement on its own, a judge may need to make a ruling.
When a couple gets divorced, marital property is usually subject to division between both parties. How it is divided depends on state law and other factors such as whether a couple has a prenuptial agreement. While married, individuals are encouraged to maintain complete records of how property was acquired and what was worth when acquired. This may help establish that an asset is actually solely-owned property that shouldn't be split in any way.
While they may sound similar in nature, there are key differences between an annulment and a divorce. An annulment occurs when a marriage is declared to be invalid. This means that the couple was never married, and any marriage contract that they may have had is null and void. It is important to note that a legal annulment is not the same as a religious annulment done by members of an individual's church.