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How to Divide Up High-Value Assets in an Illinois Divorce

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shutterstock_1432030388.jpgDividing up the marital estate in an Illinois divorce is often a difficult task, but when marital property includes valuable assets, this can make asset division even more complex. If you and your spouse have decided to end your marriage but have amassed many high-value assets, you may want to seek the legal assistance of a skilled Illinois high asset divorce attorney for help in reaching a fair and appropriate divorce settlement.

Equitable Distribution

Illinois is an equitable distribution state, meaning that all marital property is divided between the spouses in the way deemed most fair for each spouse’s situation and future earning potential. With most marital assets, the question of who paid or who performed upkeep is somewhat irrelevant. Instead, the court considers who has the potential to earn more and place themselves in a better situation going forward. In many cases, a spouse who has a high-paying job and few obligations will likely end up with fewer marital assets than a spouse who makes very little and is saddled with many obligations to fulfill.

Something many spouses forget, however, is that debts are often divided along with assets during a divorce. If a debt is deemed marital, it will be assigned to the spouse most able to pay and balanced along with that spouse’s share of the assets. In other words, if a spouse is assigned to pay significant amounts of marital debt, they may receive more assets so as to ensure the distribution remains equitable.

Ensuring Assets Are Valued Properly

One major mistake that is best to avoid during a divorce is to fall prey to sentiment over practicality. Many significant assets, while having lots of sentimental value, prove difficult to convert into purchasing power or may even be undervalued by accident or design.

It is imperative to have an attorney who grasps the implications of appraising high-value assets in order to avoid being stuck with a substandard, inequitable property settlement. Your attorney can hire appraisers who are experts in their fields to ensure your financial protection. 

A professional experienced in appraising assets can help determine which assets are going to be easiest to access post-divorce and can also likely spot an asset that has been undervalued or otherwise miscategorized.

Sometimes an undervalued asset is merely evidence of a mistake, but it can also be evidence of an attempt to hide assets from one’s spouse. If it is discovered that a spouse is hiding assets, the consequences are severe. The court may award that spouse less marital property, and if the undervaluing is significant enough, they may face additional legal consequences.

Contact a Burr Ridge Divorce Attorney

No matter what type of divorce you are facing, having a skilled and dedicated Oak Brook, IL divorce lawyer advocating for you will ensure your best interests are protected. Call Botti Marinaccio, LTD. at 630-575-8585 to schedule a free consultation.

Source:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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