Going through a divorce in Chicago can be difficult and frustrating even if you have a straightforward case. If you have been married for many years—or even decades—or if you are involved in a high net worth divorce, you are most likely dealing with complex property division issues. Generally speaking, the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/) provides for a wide variety of issues in every divorce proceeding, including property distribution. Under Illinois law, property division is handled under a theory of equitable distribution. This means that the property will be divided in a manner that is equitable, or fair, to both parties. In some cases the property distribution may be equal, but it need not be divided in an equal way.
When spouses are dealing with many different kinds of property, as well as questions about whether the property is divisible at all, it is important to seek help from a Chicago divorce lawyer who has experience handling complex property division cases. An advocate at Arami Law can speak with you today about your case.
At Arami Law, we regularly assist clients with a wide variety of complex property division matters, including but not limited to those involving the following types of property:
When small business assets and debts are part of the marital property that needs to be divided, there are numerous issues that can lead to complications. Similarly, when a couple has significant wealth and has assets of many different types, it can be difficult to arrive at an objective fair market valuation. As well, the matter of commingled property can make property distribution extremely complex.
In some cases, you may even be dealing with hidden assets. Regardless of the type of complex property division issue you have, our team can assist with your case.
Commingled property can present particular complications. What is commingled property? In brief, only marital property—as opposed to separate property—can be divided in a divorce. Marital property includes both assets and debts of the marriage. But what happens when one spouse uses separate property to buy or improve a piece of marital property (like a home or a small business)?
This is what commingled property is: separate property that has been mixed with marital property. Sometimes courts can determine what amount of the property is separate and what amount is shared, but as you might imagine, this is not always possible to do in a clear and uncomplicated manner. A Chicago family law attorney at our firm can help you to understand the complicated nature of commingled property and can advocate for your rights in your divorce proceeding.
Do you have questions about complex property division in Illinois? A Chicago divorce attorney can answer your questions today. Contact Arami Law to learn more about how we can help.
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