The Guide to the Domestic Relations Trial Court

Rental Income Precludes Maintenance

Rental Income Precludes Maintenance


 

 The parties were married for 29 years.  They had three children, all of whom were now emancipated.  The value of the marital estate was $2,702,346.  Judge Gregory E. Ahern found that a 60/40 division in favor of the wife was justified. He awarded the wife six rental properties to assure that she would receive $6,850 in gross rental income.  The husband’s average earnings during the three preceding years were $119,374.

 

The wife was represented by Carey Cosentino of The Law Offices of Carey Cosentino. The husband was represented by Michael A. Lew of The Law Offices of Michael A. Lew.

 

The wife was 51 years old and self-employed with a landscape design business.  She also earned rental income from some of the properties the parties owned.  Her income was $4,817 a month, which came from the gross rental income plus $100 from her landscape design business.

 

The husband was 54 years old.  He had a bachelor’s degree from the University of Illinois and was employed as a National Client Relations Manager of Business Development.  His gross income for the year of 2011 was $166,776, in 2012 it was $111,348 and through August of 2013 he reported a gross of $80,000. He claimed to have $9,598.96 in monthly living expenses.

 

Judge Ahern found the net equity of the marital residence was $258,000.  The parties also owned three other properties and the combined equities were $748,000.

 

The parties were unable to agree on the value of five residential rental properties located in Berwyn and Lemont and two Millennium Tower parking spaces.  Judge Ahern took into consideration the credibility of the witnesses, the evidence and the value that the party who was to receive the property assigned to it.  He found that the aggregate value of these properties was $818,000. Including the real estate, various retirement accounts, automobiles, pensions, and cash investments, the parties’ total marital estate was $2,702,346.

 

Based upon the length of the marriage, the disproportionate earning potential between the parties, the standard of living that was established during the marriage and the contributions that the wife had made throughout the marriage, Judge Ahern found the wife was entitled to receive a disproportionate share of the marital estate in her favor. Her award was approximately 60% of the marital estate, a total of $1,621,407.85. The husband was assigned the remaining $1,080,938.57. Neither was entitled to a contribution from the other.

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