Divorces can be complicated for many reasons, the most common being issues surrounding children. However, the division of assets can also make this process difficult. Property division can be one of the most highly contested issues that need to be resolved in a divorce case. When complex property, multiple assets or substantial wealth are involved, it is essential that you hire a skilled Oak Brook divorce attorney who has experience handling divorces of this nature.
The Illinois Marriage and Dissolution of Marriage Act (I.M.D.M.A), governs the division of property in this state. The law requires an equitable distribution of marital property. This does not mean that the marital assets must be divided equally. This is a common misconception. In many divorces, the final property allocation will be even or close to a fifty-fifty division. Yet in many other divorces, an equitable property division will favor one spouse (i.e., one spouse receives sixty percent of the marital assets). Property division is based on many factors in a divorce, such as the income of each party and the assets they have in their possession. It is crucial to remember that only marital property is subject to asset division. In general, marital property doesn’t include:
If you are unsure whether a specific asset is marital or non-marital, whether owned by you or your spouse, meet with a knowledgeable Oak Brook divorce lawyer who will help you determine what is marital property and what is not. If this is done incorrectly, you could lose out on property that is rightfully yours.
Complex property divorces typically involve property or assets that are especially problematic to value, or a substantial amount of marital, separate, and commingled property that can make it challenging to classify assets and debts. Some of the most common complex property division cases we handle involve:
In any of these situations, it is essential that you have a knowledgeable Oak Brook divorce attorney on your side. Your case may require the expertise of other professionals, such as forensic accountants or valuation experts. Your attorney can help you involve these experts when necessary.
In a divorce with significant or complex assets, there is a lot at stake. If you don’t have the appropriate legal counsel, you could be gambling with your future financial security. If you are going through a divorce and need assistance with any phase of the property distribution process, don’t hesitate to reach out to an experienced Oak Brook divorce attorney at Goodman Law Firm LLC. Contact us today to schedule your complex asset divorce consultation.
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