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On May 31, 2018, the Illinois Appellate Court, Second Judicial District, issued an opinion affirming the Judgment of the Winnebago Country trial court finding that the trial court did not error in classifying as marital property the real estate upon which the husband’s non-marital business was located.
Attorneys Carol N. Bailey and Tyler B. Slack of the law offices of WilliamsMcCarthy LLP represented the wife in both the trial and appellate courts. After a hearing in the trial court, the Judge determined that the real estate at issue was marital and thereby awarded the Wife more than $800,000 as an equalization payment for her interest in the real estate where the Husband’s business was located. Husband appealed this ruling.
On appeal, the Husband argued that the recent amendments to 750 ILCS 5/503 regarding transfers for tax or estate planning purposes applied to classify the real estate as Husband’s non-marital property. Through her counsel, the Wife argued these amendments could not apply when the Husband had not met his burden of establishing by clear and convincing evidence that the source of the funds used to purchase the real estate came from Husband’s non-marital business. The appellate court agreed with the Wife’s argument and affirmed the trial court’s ruling.
Both Attorneys Carol N. Bailey and Tyler B. Slack are members of the family law group at WilliamsMcCarthy LLP and represent individuals in dissolution of marriage cases throughout Northern Illinois. The divorce cases handled by these attorneys often involve high net-worth clients and complex legal, financial, and business considerations. Contact the law offices of WilliamsMcCarthy LLP to schedule a consultation.
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