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Illinois Divorce and Family Law Weblog
Helping You and Your Family get through DivorceSM.
Weblog of DuPage County Attorney Raiford D. Palmer, focusing on divorce and family law.
(Copyright© 2005-2008 by Raiford D. Palmer. All rights reserved.) This blog is for advertising only and the contents are not legal advice.
Tuesday, October 02, 2007
Division of Business Assets in Divorce
The division of business assets in divorce is a complex topic. The short story is that a business (or ownership interest in a business) held by a spouse is marital property subject to equitable (fair) division by the Court. If the business was owned by a spouse prior to the marriage, the growth in that interest during the marriage can be considered marital property. Frequently business valuations are performed by certified accountants to determine the value (or growth) of a business interest.
If you or your spouse own a business (or part of a business) and you are (or will) be involved in a divorce, please contact us today.
Labels: business, divorce, marital assets, marital property
posted by Raiford Palmer at 2:04 PM
Thursday, February 15, 2007
Illinois Divorce Law - Marital Property - Recovery of Education Expenses
Under certain circumstances, a spouse can be compensated for his/her contributions to the education of the other spouse. For example, where a spouse pays for the law school education of the other and the couple divorces after a short time, the paying spouse can be compensated for the contributions to the education during the marriage. In re Marriage of Abma, 720 N.E.2d 645 (1st Dist. 1999). This can be a substantial sum for advanced educations (MBA, doctor, attorneys) and should not be overlooked in determining a fair property settlement.
On the other hand, the education itself is not marital property. Illinois law holds that a degree, education, license, and future earning capacity are not marital property. See In re Marriage of Weinstein, 470 N.E.2d 551 (1st. Dist. 1984).
If you need counsel for a divorce matter, please call me, attorney Raif Palmer at 630.434.0400, dial zero and ask to schedule an appointment. Initial consults are free of charge.
You can always email as well.
Labels: divorce, education, finance, illinois, law degree, marital assets, marital property, mba, professional, recovery, spouse
posted by Raiford Palmer at 12:45 PM