What Issues Can Complicate Property Division in an Illinois Divorce?

 Posted on October 15,2021 in Divorce / Family Law

When a couple marries, they combine their personal lives and their financial lives. Reversing this entanglement during divorce can be quite complicated – especially when spouses have a high income or own complex assets and investments. If you are getting divorced, it is important to prepare for the property division process. The better informed you are about the legal and financial obstacles you may face, the better position you are in to face these challenges head-on.

Determining What Property is Marital and What is Non-Marital  

Marital property includes assets and debts that were accumulated during the course of the marriage. Save for certain exceptions including property obtained through inheritance or gift, any property acquired by either spouse during the marriage is considered to be marital property. Non-marital property, sometimes called separate property, belongs only to one spouse.

If you and your soon-to-be-ex do not have a valid prenuptial agreement or postnuptial agreement specifying what property is marital property and what is non-marital property, determining the identity of assets may be complicated and frustrating.

Appraising Assets with Unpredictable or Hard-to-Determine Values

Another major factor to consider during property division is properly valuing assets. Business interests, stocks and stock options, intangible assets like intellectual property, and pensions are just some of the assets you may need to address during your divorce. Before these assets can be fairly divided between the spouses, the assets must be valued. When assets have fluctuating or uncertain values, this makes valuation even harder.

Finding Hidden Assets and Income

Unfortunately, some spouses lie on their financial disclosures during divorce in hopes of creating an unfair advantage for themselves. Failing to report assets or income, undervaluing assets, or exaggerating debts are all tactics some spouses use to try to manipulate the property division process. However, hiding assets in a divorce is unethical and illegal.

Divorce attorneys often work alongside forensic accountants and other financial professionals during the discovery portion of the divorce to uncover hidden assets and other forms of financial deception. If you think that your spouse is hiding assets or will otherwise lie about finances during your divorce, it is important to start gathering copies of financial documents. Tax returns, business records, credit card statements, and other financial records often contain clues that point to the truth.   

Contact a Geneva Divorce Lawyer

Property distribution is often one of the most complicated and contentious parts of the divorce process. For dependable legal support and trustworthy guidance during your divorce, contact Kane County divorce attorney Reese Krajniak. Call Loire Krajniak Law, LLC at 630-448-2406 for a  free, confidential consultation.

Source:

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