Property Classification and Division in Illinois
Assume Wife owns a rental house before she marries Husband, and the couple has no prenuptial agreement in place. Husband and Wife decide to make some improvements to the rental house to increase its value and command more rent, and they use proceeds from a second mortgage on the marital residence to pay for these improvements. This situation and others like it are common in high-asset divorces, and these decisions have significant legal and financial ramifications in any divorce proceedings...
Keep Reading »