Schaumburg Complex Property Division Divorce Attorney

Schaumburg Complex Property Division Divorce Attorney

Schaumburg Complex Property Division Divorce Attorney

The life that you built together with your spouse in Schaumburg must be terminated and separated when either you or your spouse decide that the marriage is irretrievably broken and thereafter file for divorce. This “unwinding” process includes dividing items of property that you and your spouse have accumulated during the course of your marriage. While giving each spouse a vehicle or separating the funds contained in a joint checking account is rather straightforward for a court, what is more complicated is determining how to separate assets like pensions, retirement accounts, valuable property, and/or a business.

Despite the complexity involved in properly dividing these and other similar assets, a division of unique and valuable marital property must be accomplished in some manner. Your Schaumburg complex property division law firm, SAM LAW OFFICE LLC, can help ensure this is done in a manner that most benefits you.

Steps in a Complex Property Division in Schaumburg

“Complex property division” must occur as part of a Schaumburg divorce if the divorcing parties have one or more assets or property that is both “marital property” (as defined by Illinois statute) and that is difficult to value and/or divide. The property’s or asset’s nature, its potential for future increases in value, or some other characteristic may contribute to the consideration of such asset or property as “complex.”

After it is determined that a pension, retirement account, business, or other similar asset is properly included as a part of the divorcing parties’ marital estate:

  • The property or asset must then be properly valued so the court can ensure the total value of the marital estate is divided in an equitable manner. In valuing unique or complicated assets, the choice of an appraiser or other professional is key: one must ensure that the person chosen to assign a value to the asset is one who is appropriately licensed or certified and that employed generally accepted practices and procedures in conducting the valuation or appraisal.
  • Thereafter, the court must decide how to divide the property – and the marital estate – in a fair and equitable manner. This does not mean all complex assets must be sold and the proceeds divided – in fact, this can be quite detrimental to both spouses and not a good use of the asset in general. A business or retirement account, for example, can be awarded to one spouse and the value thereof offset with other property from the marital estate.

SAM LAW OFFICE LLC is Ready to Assist You with Your Schaumburg Divorce and Complex Property Division

When it is time to file for divorce and you are aware of complex assets or valuable, one-of-a-kind property that might be subject to division, contact your Schaumburg divorce and property division law firm, SAM LAW OFFICE LLC. We will take prompt and decisive action to help protect and preserve these assets and will work to ensure that these assets are divided in such a way as to benefit you and preserve their usefulness. Contact SAM LAW OFFICE LLC today at (847) 255-9925.

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