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COMPLEX PROPERTY DIVISION

One of the most important elements of any divorce is the division of marital property. While this can be a difficult task in even the most straightforward divorces, it becomes that much more so when your assets are complicated to begin with. If you are facing a divorce involving complex property division, reach out to an experienced Illinois family law attorney today. 

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The Division of Marital Assets in Illinois

In the State of Illinois, marital assets refer to those assets that you and your spouse acquired together over the course of your marriage. These assets remain marital regardless of who made the purchase or whose name is on the title or deed. The exceptions to this rule are gifts or inheritances that are made in one spouse’s name alone. Those assets that each of you brings into the marriage with you are considered separate property, which will remain separate – as long as they are kept separate throughout your marriage, which can be a tall order. In Illinois, marital assets are divided between both spouses in a way that is deemed equitable – or fair in relation to the circumstances – rather than necessarily being divided straight down the middle. 

Complex Properties

Many, many factors can complicate the matter of dividing a divorcing couple’s properties. Consider the following:

  • If you have high assets, they are likely to amount to more than just the divorce basics – two salaries and a mortgage – which tends to complicate the matter of division. 
  • Business ownership allows plenty of wiggle room for the business’s value to be obscured (and to make a fair division more complicated).
  • It is very easy for separate property of significant value to meld with marital property and to complicate the matter of division significantly. 
  • Owning a valuable piece of art or jewelry or a valuable collection of anything can also be a complicating factor.

In addition to the fact of these assets, there is the matter of assigning a value to them that you are both willing to sign off on; of determining whether the asset is strictly marital, strictly separate, or commingled; of finding a viable way to fairly split the value; and much more. 

Is It Marital Property?

An important point to make is that distinguishing whether an asset is marital or separate can be exceptionally complicated. The following are excellent examples of this fact:

  • A business that one of you brings into the marriage with you, but that goes on to employ both of you, and that supports your family can be very difficult to divide into separate (if any portion of it remains separate) and marital property. 
  • If an asset that one of you brings into the marriage with you and keeps separate grows in value (such as a property or a retirement account), the increase in value is very likely marital property.  

Consult with an Experienced Illinois Family Law Attorney about Your Complex Property Division Today

Danielle Pinkston is a dedicated family law attorney at Pinkston Law Group, P.C., in Joliet, Illinois, who has the experience, compassion, and drive to help protect your financial rights throughout your divorce’s complex property division. We’re on your side, so please don’t wait to contact us today. 

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