How is Property Separated in a Schaumburg Divorce?

How is Property Separated in a Schaumburg Divorce?

One of the most contested aspects of an Illinois divorce involves the division of marital assets. Deciding on how to divide your assets is never easy. It can become more challenging if you and your ex have a significant amount of assets, especially those considered hard to value. Coming up with an acceptable value for these assets can lead to more arguments and further delay your divorce. If your divorce negotiations have stalled, it is crucial to speak with an experienced Schaumburg property division lawyer.

Our Illinois divorce lawyers have years of experience with all types of property division conflicts at SAM LAW OFFICE LLC, including high-asset portfolios. We have an in-depth knowledge of the applicable laws and property division statutes. We also have a long history of successfully representing clients for complex divorce matters. If you are unable to reach an agreement with your spouse, let us help you resolve any outstanding issues so you can finalize your divorce as quickly as possible.

How Does Illinois Law Divide Marital Assets?

Assets in an Illinois divorce are subject to equitable distribution. This legal theory states that your marital assets should be distributed fairly and equitably. It does not mean all assets will be divided in half and split down the middle. Equitable distribution means that each partner will walk away with their overall fair share of the marital estate.

Even if you have decided most of your assets, disputes can arise throughout the process. That is especially common with couples who have hard-to-value assets. Complex asset portfolios may require industry experts’ assistance, such as a forensic account or business valuation specialist. However, even easier to value assets like cars and real estate can leave you arguing and unable to reach an agreement.

Examples of Hard-to-Value Assets

Liquid assets, like cash in the bank, should be relatively simple to divide. Accounts that do not have a fixed value become more challenging. An attorney can help you reach a value for assets such as:

• Intellectual property;
• Retirement accounts and pensions, such as an IRA or 401(k);
• Investment properties;
• Artwork, antiques, and other collectibles;
• Bonds, stocks, and other investment accounts;
• Inheritance related assets and heirlooms;
• Business ownership, property, or other related assets;
• Life insurance policies; and
• Foreign-owned accounts and assets.

In some cases, the financial value is not what makes an asset challenging to value. Some couples have a sentimental attachment to an asset, making it difficult to value because it is worth a lot to both spouses. A family pet often falls into this category. Unfortunately, the law treats a pet as property, so they must be included in the asset division process during your divorce.