Property Division in Your Illinois High-Net-Worth Divorce: Complex Assets

 Posted on February 02, 2023 in Family Law

When spouses with a high net worth divorce, the property division process can be complicated and contentious. There are a number of factors that must be considered in order to ensure that each spouse receives a fair share of marital assets. Identifying, valuing, and dividing property during a high-net-worth divorce can be a difficult task, as there are often a large number of assets to be divided, and many of these assets are complex in nature.

Identifying Marital Assets

The first step in dividing marital assets is to identify all of the assets that are subject to division. Any assets obtained by either spouse during the marriage are marital assets. Non-marital assets include any property earned or otherwise obtained before the marriage or after the spouses were legally separated. However, determining what is marital property and what is non-marital property is rarely this simple. For example, the increase in value of non-marital assets may be considered marital property. Property can also be transmuted from non-marital property to marital property through the commingling or mixing of assets.

Make sure you address assets such as:

• Real estate (primary residence, vacation home, investment property)
• Personal property (furniture, artwork, jewelry)
• Retirement accounts (401(k), IRA, pensions)
• Intellectual property
• Stock options
• Business interests
• Bank accounts
• Investments

Determining the Value of Marital Assets

Once all of the marital assets have been identified, the next step is to determine the value of each asset. This can be a complex process, as some assets may have multiple components that must be valued separately. For example, when valuing a business interest, it may be necessary to consider the value of the business itself, as well as any goodwill that has been established. Work with professional appraisers to ensure that you accurately value complex assets.

Dividing Marital Assets

Once all of the marital assets have been classified, they can then be divided between the spouses in a manner that is fair and equitable. This process can often be challenging, as there may be a wide disparity in the value of the assets that each spouse receives. In some cases, it may be necessary for one spouse to give up certain assets in order to equalize the distribution of assets. Your attorney can represent you during the asset division negotiation process.

Call our DuPage County High-Net Worth Divorce Lawyers

Dividing marital assets in a high-net-worth divorce can be a complex and challenging process. However, by working with an experienced divorce attorney, you can ensure that your rights and interests are protected throughout the process. Contact the Hinsdale high-asset divorce attorneys at the Law Office of Martoccio & Martoccio to get the help and legal guidance you need. Call 630-920-8855 for a free consultation.

Source:

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