Complex Asset Division in Divorce
Even in the simplest, most straightforward of divorces, the division of assets can lead to contention. In those with complex assets, the stakes are inevitably raised. Ensure you get your fair share during your Illinois divorce by understanding how complex assets are divided.
What Are Complex Assets?
For most assets, the value is straightforward. As an example, consider the balance of your bank account. Its value does not change, based on circumstance or the market. Instead, it is a real asset; its value is the displayed amount. Complex assets work differently. Their value may be difficult to determine because the value is constantly changing, based on market trends or future value (stocks, bonds, retirement accounts, real estate, etc.). Other assets are based on obscure factors, such as buyer interest or individual appraisers (artwork, jewelry, collectibles, etc.). Needless to say, dividing assets like these can be difficult and complex.
Determining Your “Fair Share” in an Illinois Divorce
Illinois is considered an equitable distribution state, meaning each party gets a “fair share” of the marital assets. In mediation and other alternative dispute resolution situations, the parties negotiate and agree upon their shares. In court, a judge makes the decision. There is no “right” or “wrong.” Instead, there are parameters used to determine what a spouse may be owed in divorce. Some of these factors include the:
- Duration of the marriage,
- Earning potential of each party,
- Lifestyle enjoyed during the marriage,
- Tax consequences of asset distribution, and
- Job or educational sacrifices made during the marriage.
Children shared by the couple, and the assignment of parenting time and the allocation of parental responsibilities may be factored into the equation as well.
Protecting Your Right to Equitable Distribution of Marital Assets
One should never assume that a spouse will behave during divorce proceedings. Instead, be prepared for the backlash and the possibility of underhanded tactics, as these are common when heightened emotions, money, and status mix. Ensure proper valuation of any illiquid assets, and secure skilled assistance if you suspect that your spouse may be trying to hide assets. Above all, have a seasoned attorney on your side, protecting your right to equitable distribution of your marital assets; it may be the only thing that prevents a serious financial loss.
Contact Our Wheaton Divorce Lawyers
At Davi Law Group, LLC, we recognize just how much is riding on the line in your divorce. Our experienced DuPage County divorce attorneys will work hard to ensure the most favorable outcome in your case. Call 630-580-6373 and schedule your confidential consultation today.