Regardless 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.