Common Issues in Illinois High Asset Divorces

 Posted on February 24,2021 in Divorce

When you are planning for a divorce and know that you own substantial assets with your spouse, it is important to have an experienced Aurora high-asset divorce attorney on your side who can advocate for your rights from start to finish of your divorce case. To be sure, high asset divorces often give rise to certain complications that do not come up in divorces where the spouses own assets worth significantly less money, or in divorce cases where the spouses earn relatively ordinary incomes. Below are some of the most common issues that arise in Illinois high asset divorces. 

Valuing and Appraising Complex Assets

High value assets in a divorce can be notoriously difficult to value, particularly when the assets are complex or unique. For example, if you and your spouse own an art collection and all or part of the collection will be classified as marital property and subject to division, the market value of the collection likely will shift over time (and potentially significantly), and it may be difficult to determine the market value at the time of the divorce. In such cases, it may be necessary to work with an expert appraiser who can properly assess the market value.

While prior appraisals in the past may be helpful, it is often critical to have an appraisal right around the time of the divorce since certain assets—particularly art and other collectibles—can fluctuate substantially in value even over short periods of time.

Locating Concealed Assets

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) requires parties to disclose information about all assets. Yet in some high asset divorces, one of the parties might attempt to conceal assets that would be classified as marital property so that they will not be divided. You may need to work with a forensic accountant to locate hidden or concealed property. Your Aurora divorce attorney can assist you in locating any hidden assets so that all marital property can be equitably distributed in your divorce.

Handling Commingled Property

Commingled property is also a common issue in high asset divorces. Commingled property is property that has characteristics of both separate and marital property because the assets have been mixed in some fashion. For example, savings from a separate account acquired before the date of the marriage might have been used to improve the marital home. Separating out marital property from separate property when there is commingling can be particularly complex in a high asset divorce. 

Contact a St. Charles Divorce Attorney

Property division in a divorce is complex under any circumstances, and high value assets in a divorce can present their own difficulties. At the Law Office of Matthew M. Williams, P.C., we routinely assist clients with high value assets in divorce. Our skilled Kane County divorce lawyers know how important it is to make a plan for your divorce based on the specific facts of your case, and we can talk with you today about complex and high value assets. Contact the Law Office of Matthew M. Williams, P.C. today online or call 630-409-8184 for more information.

Source: https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59