Same issue here. I checked my logfile, it seems that the materials are missing... Last log entry looks like this:
[19-09-2014 18:37:17:362][..\..\..\..\..\..\LSFramework\Code\CoreLib\FileFormatIO.cpp 29 ls::FileFormatIO::LoadFile]: Visiting of file [C:/GOG Games/Divinity - Original Sin/Data/Public/Main/Assets/Materials/Effects/FX_MP_Blood_Dissolve_A.lsb] has failed!
[19-09-2014 18:37:17:362][..\..\..\..\..\..\LSFramework\Code\GameEng
Hope we can figure out a workaround somehow :)