With the end of a marriage comes the task of dividing all the property the couple accumulated together. Many times this can lead to bitter arguments with both sides feeling they are getting the short end of the stick. However, with compromise, settlements can be made that are acceptable to both parties. Readers in Illinois may be particularly interested to hear of the following case that was battled out in a Chicago courtroom.
Basketball star Dwyane Wade has settled his divorce with his ex-wife after a lengthy and acrimonious legal battle. According to Wade's attorney, Wade has been trying to settle the divorce for several years, and has paid her $25,000 each month as well as the mortgage, insurance, taxes and her attorney fees. Wade's ex-wife had previously filed a lawsuit against Wade alleging he owed her endorsement income per an agreement made in 2008. The court dismissed this motion.
Under the terms of the settlement entered into July 16, Wade will be paying his ex-wife $5 million. She was also granted the mansion the couple owned in Chicago, along with several automobiles. Additionally, both Wade and his ex-wife are prohibited from making disparaging comments about each other in public.
Property division during a divorce can be a hot topic, especially when a couple has numerous high-value assets. Illinois is an equitable distribution state. This means that a judge will divide a couple's property based on what is fair, and it may not always result in an even 50/50 split.
In some cases, such as the one above, physical property such as cars, houses or artwork will be granted to one spouse or the other. In other cases, the physical property will be sold, and the proceeds will then be divided between the spouses based on what the court finds to be equitable.
Property division is just one of the divorce legal issues a couple must face. Decisions regarding child support, spousal support and child custody may also need to be made. In the end, reaching an amicable settlement may be preferable to a long and emotional courtroom showdown.
Source: The Huffington Post, "Wade Reaches Divorce Settlement With Ex-Wife SiohvaughnFunches," July 26, 2013