Divorces often involve uncertainties and a range of emotions. They can also be expensive. It’s no wonder why most divorcing spouses want to get this process over as quickly as possible. Unfortunately, when it comes to high-asset divorces, it can take years to finalize a divorce, especially if no prenuptial agreement exists. The good news is that with experienced Chicago high-asset divorce lawyers on your side, you can ensure the best possible outcome when dividing your assets and that your case won’t be unnecessarily prolonged.
Divorce Assets and Property
Illinois law doesn’t define or set apart high-asset divorces. No matter how many or the value of these assets, the laws apply the same. Property and assets that must be divided in a divorce can include:
- Retirement benefits
- Business interests
- Financial assets, for instance, bank accounts or stocks and bonds
- Real and personal property including houses, vehicles, artwork, or collectibles
- Intangible assets, which might include rights in intellectual property or rights to a settlement being paid overtime
Illinois subscribes to equitable property division in a divorce. However, only marital property is subject to such division. Suppose an asset is acquired by one spouse before they are married, as a gift, or inherited. In that case, it isn’t considered marital property. Your Chicago high-asset divorce attorneys can help you inventory all of your assets to determine which ones are subject to division.
Dividing Assets in a High Asset Divorce
Equitable distribution applies to all Illinois divorces, including those with high assets. Marital property must be identified, valued, and divided. It is often necessary to hire financial and forensic experts to help ensure all property is included and valued correctly. If it’s not, equitable distribution can’t occur. Seasoned Chicago high-asset divorce lawyers know when to seek professional assistance to help value your property.
It’s essential to note that equitable doesn’t mean equal. Family courts consider several factors to help them determine what is equitable in each individual divorce. These factors can include:
- The potential value of future income streams
- Tax considerations
- How easily some property can be divided, such as a business interest
- If one spouse worked to put the other through medical school, giving them a greater future earning potential
High-asset divorces often require some creative compromises or solutions. Sometimes one spouse will receive assets with a higher value; however, they can pay the difference to the other spouse out of assets to be divided. For example, if a jointly-owned property will be sold in the divorce, one spouse may pay their proceeds to the other in exchange for receiving other assets worth more than the other spouse will receive. By working with skilled Chicago high-asset divorce attorneys, you can consider all of your available options.
Meet With Experienced Chicago High-Asset Divorce Lawyers Today
At Arami Law, Inc., our experienced Chicago high-asset divorce attorneys understand how much is on the line in a high-asset divorce. Property and asset division can quickly become burdensome and overwhelming. You may even feel like giving up your rights just to get the process over with. However, you don’t have to do that. You can hire an attorney who is well-versed in these unique divorces and will stand up for your rights, no matter how complicated the matter becomes. Contact us today to schedule a high-asset divorce consultation.