Attention To Detail
When a case is complex — when spouses own a closely held business or retirement accounts are involved — it is critical to examine various angles. In a complex property division case, many questions arise:
- Does the property belong to both spouses?
- How much is it worth?
- Has either spouse failed to disclose assets?
We aim to answer all the questions our clients have and offer insightful legal advice and counsel.
Equitable Property Division In Illinois
In Illinois, divorcing couples are subject to equitable property division. In this type of property division, assets may not be split 50/50. The courts consider the following in determining the equitable division of property:
- Age of each spouse
- The health of each spouse
- Income of each spouse
- Earning capacity of each spouse
- Nonmarital property
Marital property is subject to equitable property division. This can include bank accounts, retirement accounts, investments, real estate, and other assets. The nonmarital property, however, is not subject to division. This can include gifts, inheritances designated to one spouse, property owned before the date of marriage, and other properties.
A particular point of contention in any complex property division case concerns business valuation. When one or both spouses own a business, it is critical to determine its value and proceed to either divide the business or compensate one spouse for the portion of the business. Our entire legal staff works with appraisers, accountants, and other experts to seek the most accurate assessment of your business.
Timing is critical when valuing the property. Illinois now uses the fair market value standard when valuing the marital property. Divorcing spouses may choose whether to value their property on a set date or at the time of trial.
Make Sure You Understand How Your Property Will Be Treated
Do you have questions about the home equity and property division? Are you wondering about the tax implications of a high-asset divorce? To discuss your case, we offer a consultation fee of $125 to be applied toward the retainer. We accept payment by cash, check, or money order. Call or contact us online.