Examples of High-Value Assets in a Complex Divorce 

 Posted on March 08, 2022 in Chicago divorce attorney

All divorces can be complex. After being married for a certain amount of time, couples wind up having joint assets, which can be complicated to divide during a separation or divorce. Some divorces become increasingly complex as the assets divided between partners grow in value. If the quantity of assets needed to be divided is more significant than average or if the value of the joint assets is very high, individuals looking to divorce may need the help of an attorney with experience with high-value asset division.

What are Examples of High-Value Assets?

When dividing you and your spouse's joint assets during a divorce, it is essential to understand what constitutes regular and high-value assets. An asset in the context of divorce is defined as anything that has real value to the individuals. Typical assets that may be divided between spouses include:

• A shared home

• Furniture

• Household items

• Jewelry

• Family heirlooms

• Cars

• Finances

• Debt (mortgages, loans)

• Retirement plans

• A family-owned business between the two spouses

• A joint corporation

• A joint bank account of high worth

• A collaborative partnership in another business venture or investment

• Overseas partnerships, finances, or resources

• Fine art, jewelry, cars, or other luxury items

How are High-Value Assets Divided?

In Illinois, courts divide marital property using a legal theory called “equal distribution”. This process can become more complex with high-value assets. Spouses may be able to reach property division settlement outside of court.

However, in the case that a divorce or an aspect of the divorce is contested or unable to be agreed upon by the spouses, an attorney or judge may step in to help divide property by considering these elements:

• Each spouse’s non-marital assets

• The spouses’ independent financial health

• The spouses’ independent incomes

• Which spouse will receive the majority parenting time if children are involved

Most complex assets will need to be professionally valued before they can be divided during divorce. Divorcing couples with complex assets are encouraged to hire an attorney with experience working with complex ownership and high-value property.

Aurora Divorce Attorney Skilled in High-Value Division

If you are divorcing your spouse and have complicated or high-value joint marital property, the The Law Office of Matthew M. Williams, P.C. can help you understand how to achieve an equitable division of your assets. Aurora, Illinois divorce attorney Matthew Williams has over ten years of experience working alongside clients with high-value property. His knowledge of asset ownership, divorce law, and property value can help him handle complicated cases. For more information or to schedule an initial consultation with our office, call 630-409-8184 today.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm