International Asset Division Lawyers in DuPage County
Hinsdale Attorneys Helping Clients Protect and Divide International Assets in Divorce
Regardless of a couple’s situation, divorce can be a complicated process, causing a great deal of anxiety and stress to both parties. Issues can arise in cases involving couples with high net worth, those who own virtually nothing, and those who fall anywhere in between. Individuals with assets outside of the United States, however, may face even greater complexities, as the allocation of such assets can be extremely difficult.
With more than 75 years of family law experience, the attorneys at the Law Office of Martoccio & Martoccio realize that no two divorce cases are exactly the same. Your situation, like all cases, brings a unique set of circumstances that must be addressed, and our team is prepared to help you in achieving the solutions that meet your needs.
Professional Counsel for Divorce Cases Involving International Assets
There a number of reasons that an individual involved in divorce in Illinois may own assets outside of the country. For example, it is not uncommon for a citizen of another country to establish residence in Illinois while maintaining ownership of property abroad. Likewise, a lifelong resident of the state may also develop global business interests or travel frequently to another country, leading them to acquire international assets over time. How ever such property was acquired, the laws regarding property division in Illinois require the consideration of those assets in any divorce proceedings.
Division of Property Attorneys in Oak Brook, Willowbrook, and Western Springs
As with domestic assets, division of international property begins with the determination of marital and non-marital status. Under Illinois law, assets that were acquired during the marriage are generally considered marital property and subject to equitable distribution, with the exception of gifts and inheritances to a particular spouse. Non-marital assets typically include those gifts and inheritances, any property owned by either spouse prior to the marriage, and any assets specified in a valid prenuptial agreement.
Depending on the circumstances of the case, however, identification and allocation of international assets may be more difficult. This may be especially true if the spouse who owns international property is attempting to avoid disclosing the existence or location of such assets. Our attorneys have worked with many clients to discover hidden assets and understand how to work within state, federal, and international laws to legally identify and establish ownership of international assets. Laws regarding financial protection vary from country to country and may be very confusing for those without the necessary legal assistance.
At the Law Office of Martoccio & Martoccio, we also understand that both domestic and international assets must be valued for distribution. We will work with financial experts and professionals from various industries to determine the assets’ appropriate value so that they can be equitably incorporated into the property division agreement.
If you have questions about protecting your international assets, or how they may be divided in divorce, contact our office today. We will review your case and help you make the best decisions for your future. Call 630-920-8855 to schedule a free consultation with one of our qualified property division attorneys.