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St. Charles, IL630-200-4882
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Asset Valuation in a High Net Worth Illinois Divorce

Posted on in High Net Worth Divorce

St. Charles divorce attorneysRegardless of the circumstances surrounding the breakdown of a marriage, divorce can be complicated. For those couples who have a high net worth, divorcing may be a very complex process. Illinois is an “equitable distribution” state, which means items are divided fairly but not necessarily in half. In order for marital assets or property to be divided, they must first be assigned a value. This can be a difficult task for unusual or unique assets that are often acquired by individuals with considerable wealth. Even if a couple is amicable at the beginning of the process, the division of property can quickly become contentious, so it is important to have an attorney by your side to protect your rights.  

Dividing Property Can Be Complex

Items or assets that are accumulated during the marriage are considered marital property. Separate or “nonmarital” property is anything that one of the spouses acquired prior to the matrimonial union. However, gifts or inheritance are also typically classified under separate property. Forensic accountants or valuation experts can help a divorce lawyer accurately assign property as marital or separate. In addition, they can provide an accurate assessment of the overall value of the marital estate, including complex matters such as a family-owned business or an expansive financial portfolio. 

Illinois courts consider several factors into account when determining how to split these assets equitably. Some of these factors include each spouse’s occupation, health, age, and income sources. 

Several examples of complex or high net worth assets include:

  • Businesses
  • Real estate (residential and commercial)
  • Retirement accounts
  • Stocks and bonds
  • Investments (IRAs, mutual funds)
  • Jewelry
  • Artwork 
  • Antiques/heirlooms
  • Vehicles/boats/motorcycles

Prenuptial agreements can outline how marital property will be divided in case a couple divorces. This can alleviate some of the disputes that are common when dealing with high net worth assets.   

Contact a St. Charles Divorce Lawyer

Assigning a value to your marital estate items is an important part of the divorce proceedings. If you and your spouse are going through a complex or high net worth divorce, you need professional legal counsel. At the Law Offices of Benedict Schwarz, II PC, we have more than 50 years of combined experience assisting our clients with divorce and family law matters. Our skilled Kane County asset valuation attorneys will guide you through the valuation process while protecting your rights to marital property. To schedule your free consultation, call us today at 630-200-4882.

 

Sources:

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K503

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

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