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DuPage County divorce attorney

In Illinois, there is such a thing as the simplified joint marriage resolution procedure, or simple divorce, commonly referred to as an uncontested divorce. However, many couples opt to litigate their divorces since there are usually some or many things that require negotiations, including property and debt. When these contested divorces include added complications, such as major concerns about children, high-value assets, and business ownership, they are considered complex divorces. In general, the following five concerns could make your divorce far more of a complex divorce compared to a simple divorce or typical divorce.

5 Issues That Can Complicate Your Divorce and Make it Complex

  1. Valuable AssetsHigh-asset divorces might include high-value property, collector’s items, or accounts, among other things. In those cases, dividing the property takes on a heightened sense of financial substance by its sheer volume. Big-ticket items can include boats and million-dollar houses to heirlooms and other valuable items. In addition, retirement accounts and pensions as well as major investments and banking accounts may all require forensic accounting to get to the fairest and equitable decision during such a complex divorce.

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DuPage County divorce attorney asset division

When you own your own business, that business is your livelihood. For many small business owners, their business is like a baby they take great pride in producing, nurturing, and growing. However, all of that growth and success is jeopardized if you or your spouse seeks a divorce. Even if your spouse was never necessarily involved in the functions of the business, there is a possibility that he or she is entitled to a portion of the business’s value simply because of your marital status. Financial decisions made during your divorce can affect you for the rest of your life, so you should consult with a lawyer before you do anything. A skilled Illinois asset division and business valuation attorney can help you determine how you should handle your business when you are going through a divorce.

What to Do With Your Business

One of the most difficult decisions you will face during your divorce is determining what to do with your business. Typically, there are three options that are available to you: You can buy out your spouse’s share of the business and retain full ownership, sell the business and split the profits as is seen fit, or you can continue to co-own the business. There is no one right answer to what you should do; each family’s situation is different, so each solution will also be different. 

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Bolingbrook divorce attorney asset division

If you have ever seen any television show or movie about a couple involved in a divorce, you have probably seen the typical depiction of the pair arguing over who gets things like the home, the cars, certain household items, or even custody of the children. Many people going through a divorce, even in real life, forget about what is often one of their most valuable and important assets -- their retirement fund. In Illinois, you and your spouse are required to divide the value of any asset that is considered to be a marital asset, which could include a portion of both you and your spouse’s retirement fund. An Illinois divorce lawyer can help you understand your rights to any retirement funds that you or your spouse may own and how to establish ownership to those funds.

Determining if the Plan Is Marital Property

In Illinois, marital property is defined as any property that is acquired by either spouse during the time of the marriage, with a few exceptions. Retirement funds can be all marital property, all non-marital property, or a combination of both. If a spouse began a retirement fund and made contributions to that fund before the marriage, that portion of the contributions would not be subject to division, while the rest would be. However, if the retirement fund was excluded by a valid prenuptial or postnuptial agreement, then the entire retirement fund would be considered non-marital property.

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DuPage County divorce attorney asset division

For many couples, the asset division process is one of the most contentious issues that they must face when they get divorced. Although the asset division process is not as emotionally charged as proceedings involving child custody or parental decision-making, the decisions made during the asset division process can be significant. The decisions you make when determining how you will split up your property and divide your debt have the potential to impact your life for years to come. If you are going through a divorce in Illinois, it is important that you understand how the asset division process works.

Illinois Is an Equitable Distribution State

Each state across the country has different divorce laws. Some states are considered to be “community property” states, which means they generally split all assets in an equal, 50/50 split. Illinois is not one of those states and is instead considered to be an equitable distribution state. This means that marital assets will not always be split in an “equal” manner, but they will always be distributed fairly and equitably. 

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