Dissipation of assets occurs when one spouse wastes or misuses marital property during and after the marriage has irretrievably broken down. If you are going through a divorce in Chicago, understanding dissipation can help you
Illinois law requires both spouses to disclose every asset, debt, and source of income during a divorce. Hiding assets is not just dishonest; it violates state law and can lead to sanctions, an unfavorable property
Offshore bank accounts are treated the same as any other marital asset in an Illinois divorce. If the account was opened or funded during the marriage, it is subject to equitable distribution under the Illinois
Executive compensation packages are treated as marital property in Illinois when they are earned during the marriage, even if the employee spouse has not yet received the funds. However, the classification and valuation of these
Illinois law does not have an official definition of a “high net worth divorce.” Most people use the term when a divorce involves very large or complex assets, such as seven-figure wealth, multiple properties, business
Dividing a real estate portfolio in an Illinois divorce is more complicated than splitting a single-family home. Illinois follows equitable distribution, which means the court divides marital property fairly rather than automatically in half. When
Forensic accountants uncover hidden assets by analyzing financial records, tracing transactions, and comparing reported income against actual spending habits. In a Chicago divorce, these financial investigators can identify undisclosed bank accounts, undervalued businesses and income,
Divorce involving substantial assets carries tax consequences that can significantly affect how much each spouse actually keeps after the settlement is finalized. Property transfers between spouses are generally tax-free under federal law, but capital gains,
When you or your spouse own a business and face divorce, determining what that business is worth can be one of the most complicated parts of your case. In Illinois, courts use fair market value
A high-conflict divorce in Illinois happens when spouses cannot communicate effectively or cooperate during the divorce process. These cases often involve intense disputes, emotional hostility, and ongoing disagreements about financial matters or parenting issues. While
The key difference between litigation and mediation in a Chicago divorce is who controls the outcome. In litigation, a judge makes final decisions after hearing evidence; in mediation, spouses work with a neutral facilitator to
By Joanna Brown The North Shore Weekend and Daily North Shore Love & Marriage columnist, Joanna Brown, talked with Michael Ian Bender about divorce in the September 26, 2015 issue. She asks, “Is Peaceful Divorce an Oxymoron or
