In Illinois, all assets must be divided fairly and equitably among spouses. Complex property arrangements in a long-lasting marriage can make property division difficult once one spouse decides to file for divorce. Complicated finances weaved throughout a marriage can often contribute highly toward the complexity. An experienced divorce attorney understands the complexities and can help you navigate them during the divorce proceedings.
What Assets Are Commonly Involved in a High Asset Divorce?
Over the course of years, a marriage can accumulate an extensive collection of valuable assets that can often be difficult to divide during a divorce in a way that sees both parties happy. Many different assets can be considered high value to the couple and the court. Couples with significant assets are likely to include:
- Business valuations
- Stock options
- Retirement accounts
- Multiple savings and checking accounts
- Other high-valued property
The list does not consider personal belongings such as jewelry or art and any investments made toward businesses or other property during the marriage.
Causes of High Asset Divorce Complexities
Generally, the valuation of assets can see couples fighting over who gets what, especially if the value has continued to be appreciated throughout the marriage. Ensuring the property is always accurately evaluated can help keep perspectives in check.
Third parties involved in a business or property can be affected during the division. This will often prompt additional legal motions to minimize the divorce’s impact on them. These third parties are typically business partners or family tied to the business’s interests.
High-asset divorce does not just involve property. It can involve deep negotiations and considerations for child support or spousal maintenance. This often requires a deep and thorough investigation into a couple’s financial circumstances.
How Can A Couple Reduce the Complexity of a High Asset Divorce?
An uncontested divorce can help ensure both parties receive what they want regarding high-value assets. Typically, high-value divorces go the route of a contested divorce as there are too many assets accumulated over the years. One spouse may feel one property is worth more, or both spouses feel they are more deserving of it. This causes friction in the process, which leads to a long, drawn-out legal battle for who deserves what. By figuring everything out beforehand, you lessen the risk of a nasty legal battle that will likely wind up costing you more than the property may have been worth.
Contact a Cook County, IL Divorce Attorney
High-asset divorce can be a nightmare for couples who cannot reach common ground. [[title]] is an experienced Chicago, IL high asset divorce lawyer with years of experience handling high asset cases. Contact the office at [[phone]] for a free limited consultation to discuss your unique situation and receive any answers you may have regarding how Illinois divides marital property.