Dividing The Material Aspects Of A Partnership
Illinois is an equitable distribution state, which means that the court will attempt a distribution of property that it considers fair. Equitable distribution does not necessarily mean that marital assets will be divided 50-50. In fact, in some cases, a disadvantaged spouse who has not worked or is not currently working may be awarded more of the assets.
Each case is unique, however, so it is best to discuss your divorce with a lawyer. Our attorneys at Lavin & Parisi, Attorneys at Law, have the experience to argue for the assets you are entitled to receive. If you have a high net worth, we can protect your share of the assets in high-asset property division. Please call our office at 815-261-4894 to schedule a complementary initial consultation or send us an email.
Marital property includes assets acquired during the marriage with marital funds. Nonmarital property includes assets each spouse brings to the marriage and inheritances or gifts received outside of the marriage. Unless it has been commingled with marital assets, nonmarital property is retained by the party who owns it.
Some of the most common marital assets include:
- Home or other real estate
- Personal properties such as vehicles and furnishings
- Bank accounts
- Retirement accounts
In addition to marital assets, the marital debts must be divided during a divorce. Marital debts may include loans, mortgages, credit card debt, taxes and any judgments against both of you. If there are debts caused by one party for his or her sole use, they may be considered nonmarital debts.
When You Have Significant Assets
In high-asset divorce cases, we work with financial experts such as financial planners, forensic accountants and tax experts as well as business valuators and real estate appraisers. We have the knowledge and experience to address complex financial and tax issues and ensure that your rights are protected.
In a divorce where one or both of the parties has a high net worth, the marital assets may include:
- Real estate holdings
- Vacation homes and cabins
- Heirlooms including jewelry and other antiques
- High-end vehicles and furnishings
- Retirement accounts such as 401(k)s, pensions and other benefits
Some cases require us to search for hidden assets and prevent the other party from transferring or selling assets. In these cases, we can file a temporary financial restraining order to prohibit the closing of financial accounts and the transfer or sale of marital property.
Ready To Talk To A Lawyer? Call Today.
More In This Section:
- Child Custody
- Family Law
- Alimony/Spousal Support
- Post-Divorce Modifications
- Estate Planning