Our readers who are familiar with previous posts here most likely know a lot about property division. They have heard about terms like "marital property" and "non-marital property." And readers can make sensible guesses about what each term means. But how does Illinois law define those terms? And what effect do those definitions have on couples going through the divorce process?
When high-profile Illinoisans divorce a common topic is the strength of the couple's prenuptial agreement. When done properly, these agreements, along with postnuptial agreements, can be essential for almost everyone, from business owners to stay-at-home moms to those who want to make sure they get the pet in case of a divorce.
For many Illinoisans, divorce can be one of the most difficult chapters in their lives. For younger couples, the hardest issues tend to revolve around child custody. For older couples, the hardest issues tend to revolve around property division. Take, for instance, an oil tycoon's divorce.
As evidence by teaching plans for toddlers and young students that focus on sharing, humans may naturally want to keep their things to themselves. . And even after all the time and training at a young age, sharing does not always come naturally to some people, especially during a divorce. When that happens, these individuals may try to avoid a fair asset division by hiding assets such as real estate and other marital property.
Joe and Tina Simpson, parents of pop star Jessica Simpson, are divorcing after 34 years of about extramarital affairs playing a part in the split, but so far the family marriage. Rumors abound has denied such allegations. They say the couple is breaking up because of a personality conflict. Tina was the first to move for the divorce, and Joe has responded by requesting that he walk away with all the couple's assets.