Divorce is never easy, but when you and your spouse have been married for so long that other people thought that you two had “made it,” it becomes even more difficult. While this is in part due to the emotional aspect of divorce, it is in large part due to the technicalities. When two people have built a life together, raised a family together, and acquired assets together over several decades, divorce can be overwhelming and scary. At Arami Law Office, our family law attorneys aim to help you through the emotional and technical aspects of the dissolution of your long-term marriage, and to see you through it as efficiently and effectively as possible.
The dissolution of a long-term marriage poses unique issues not otherwise found in your run-of-the-mill divorce.
Complex Property Division Issues
From hefty retirement funds to multiple properties, and family heirlooms to family photo albums, many assets that married people collect over the years either appreciate in value or cannot be valued. Assets that can be valued have likely appreciated in value over the years. This is especially true for land, houses, vehicles, stocks, and retirement savings funds. To ensure that each spouse receives their fair share of the marital property, all assets should be appraised by a professional to determine their current value.
Additionally, couples that are married for a great length of time generally have more diverse property holdings or interests that are difficult to value. This can include healthcare practices, employee stock options, real estate investments, and other investment portfolios.
For assets that cannot be valued – such as photo albums and family heirlooms – the couple should sit down and calmly discuss who should get what. If they cannot come to an agreement, mediation may be in order.
Asset division in a long-term marriage dissolution typically requires an attorney who is experienced in complex property matters. The Chicago divorce lawyers at Arami Law Office utilize the help of other business professionals such as appraisers, financial planners, and accountants to assist with the process and ensure the fairest distribution possible.
Additionally, a judge is more likely to award alimony or a disproportionate share of the assets to the lesser earning spouse of a long-term marriage. The judge will do this to ensure that the lesser earning spouse is able to enjoy the same standard of living they had become accustomed to during their marriage, post divorce.
In addition to awarding a disproportionate share of assets to the lesser earning spouse, the breadwinner may have to pay spousal support. To determine if and how much alimony should be awarded and for how long, the judge will consider the financial disparity between the two parties, the duration of the marriage, and each spouse’s contribution to the marriage.
Arami Law Office serves clients throughout Chicago and the surrounding Cook County, Lake County and surrounding areas in the State of Illinois. If you and your spouse have decided to part ways after a long-term marriage and need support and guidance throughout this difficult time in your life, retain the help of an experienced and compassionate divorce lawyer. Contact our law firm today online or by phone at 312-212-1399 to set up your consultation.
We can meet with you at our office, or discuss your case with you over the phone. We pride ourselves in our accessibility and make certain to help each and every client in a timely manner.
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