If you are contemplating a divorce, one of your first concerns may be how the divorce will affect your financial future. Dissolving a marriage will inevitably have an impact on both spouses’ financial circumstances. This is particularly felt in high-asset divorce cases. The higher and more varied assets you own, the more complex challenges may arise during divorce. Regardless of the specific assets involved, you will need experienced legal help during your high net worth divorce.

Complex and High-Asset Divorce

Perhaps the most financially relevant dispute in a divorce is property division. Illinois uses a property division standard termed “equitable distribution.” This means that both spouses receive a “fair” share of their marital property based on their individual monetary and non-monetary contributions to the marriage. According to state law, marital property generally includes all assets acquired during the marriage.

Handling finances in a divorce case is one of the most complex matters to deal with. Financial matters are also some of the most important issues to resolve. Ensuring a secure financial future is a main concern for many divorcing spouses. Dividing marital property, including financial assets and personal property, can be a very tense process. Often, each spouse will have an emotional attachment to an item, which can lead to additional issues during the divorce. To learn more about dividing personal property in a divorce, read the information below, and consider reaching out to one of our experienced DuPage County divorce attorneys to help you through your divorce.

 Property Division in Illinois

Illinois law establishes a standard for dividing property in divorce cases. This standard, equitable distribution, dictates how all marital assets are split between two divorcing spouses. Equitable distribution does not mean that each spouse gets half of all marital assets. Instead, it means that each spouse receives a fair share of the marital assets based on his or her individual contributions to the marriage. These contributions are monetary and non-monetary, including spousal financial and emotional support. For the purposes of equitable distribution, marital assets are all assets and property acquired during the marriage. In Illinois, it does not matter which spouse holds title to the asset; if an asset was acquired during the marriage, it is generally considered marital and thus subject to equitable distribution.