Tag Archives: complex divorce

IL divorce lawyerThe divorce of Kim Kardashian and Kanye West made headlines around the world recently. There have been varying opinions about the divorce since it was announced, but one thing is certain. The divorce case is likely to be quite complex, even though the couple had a premarital agreement in place. Kim and Kanye, however, are not the first couple to go through a complex divorce, and they will not be the last, either. Below are some of the factors that can make a divorce case complex.

Distinguishing Separate Property from Marital Property

In a divorce, only marital property is divided. Marital property includes any assets or liabilities the couple acquired together during the marriage. Determining which assets are considered separate property is typically more difficult than identifying marital property. Inheritances and gifts, as well as personal injury awards, are types of property that are usually considered separate.

However, it is important that spouses keep these assets separate from marital assets, such as placing them in a separate account. Co-mingling assets makes it incredibly difficult to determine which of the assets have been spent, and how much of the separate property remains. When separate property is not kept separate, it may be subject to property division.

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Dupage County community property division attorneyWhen you are married, that typically means that your finances are woven together, which makes things easier for you and your spouse to handle life’s expenses. This all changes once you decide to get a divorce. A divorce is not only the severing of your emotional relationship, but also your legal and financial relationship.

Like most things in life, diving into a divorce with little to no preparation is never a good idea. You should have certain things prepared and in order before you begin your divorce. Here are four ways you can get your finances in order before you begin the divorce process:

1. Take Inventory of Your Assets and Make a List of Your Debts

The first thing you should do when preparing for divorce is to make a list of your assets and debts. Your assets should include things like any real estate that you own, your vehicles, money in savings and checking accounts, investment accounts, retirement savings, furniture and household items, collectibles and any other valuables you own. Your debts can be things like a mortgage, an auto loan, credit card bills or any personal loans.

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high-asset divorce, complex property litigation, Illinois high-asset divorce attorney, agressive divorce lawyer, A divorce is complicated in and of itself, but when you add large amounts of money and assets such as businesses, vacation homes, retirement accounts and the like, a divorce becomes even more complex. Anyone who is considering, or who is already in the midst of, a high-asset divorce should speak with an attorney immediately. An attorney can be an excellent resource and can help with division of property and other related matters that may arise in a high-asset divorce.

Property Division in a High-Asset Divorce

Like any other divorce case in the state of Illinois, in high-asset divorces, the court will consider numerous factors, as laid out in the Illinois Marriage and Dissolution of Marriage Act, in determining how marital property will be divided, such as any prenuptial agreements, the value of properties owned, each spouse’s needs, opportunity for future income and asset acquisition, and economic circumstances of each spouse, etc.

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