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High Asset Divorce Archives

Dividing real estate during a divorce

When Illinois couples seek a divorce, figuring out what to do with real estate may be difficult. Real estate is typically jointly owned. However, if the couple no longer wishes to manage the property together, one party might offer to buy out the other party's interest in the asset.

How is property divided in Illinois?

Individuals who are going through a high-asset divorce in Illinois may be interested in learning about how marital property is divided in the state. In Illinois, the concept of community property is not recognized as it is in some of the other states. This means that property that has been acquired during a marriage will not necessarily be divided equally between the two divorcing spouses.

Ex-wife of oil tycoon appealing $1 billion settlement

Illinois residents who have been following the divorce of oil tycoon Harold Hamm may be interested to know that a court ruling has awarded his former wife, Sue Ann Hamm, nearly $1 billion. Mrs. Hamm, however, is not satisfied with amount and is appealing the decision. Her lawyers contend that she deserves a larger share of Mr. Hamm's $20 billion worth.

Illinois offers simplified divorce procedure

Illinois law provides for a simple divorce, called a joint simplified dissolution of marriage, for use under specific circumstances. Not all married couples will qualify for simplified dissolution; the law includes limitations regarding income, property owned, length of the marriage and reasons for divorce. If the parties do not meet all of the requirements, they will not qualify.

Same-sex member of Chicago's City Council to divorce

Back in 2010, a member of the City Council in Chicago, Illinois, made an announcement to the public and to her fellow politicians that she and her girlfriend had gotten engaged to be married. This was done on the Illinois House floor, so it was a public declaration that she wanted people to hear about, using it as a chance to stand up for same-sex marriage rights by addressing the fact that her marriage would not be allowed in Illinois.

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