Illinois is an equitable distribution state, meaning that each party is entitled to a fair share of marital assets. Marital assets are items that were acquired while the parties were married. It does not matter if it was simply one of the parties that were making these purchases, if it was purchased or earned during the marriage, then both parties are entitled to it. The exception to this is if the asset was obtained through inheritance or gift.
High-value marital assets are one of the biggest issues that prolong divorces and make them more complex than they need to be. If the parties are willing to discuss these matters with a level head, they may be able to negotiate a fair divide between their assets. If they cannot reach an agreement, the court divides marital assets according to the “equitable distribution” doctrine.
Dividing High-Value Marital Assets
When going through a divorce with high-value assets, both parties need a full understanding of all the assets they own and acquired during their marriage and the value of these assets. The value of these assets is often up for debate, so it is recommended to have them professionally valued by an appraiser. Here are some important assets that the spouses may need to address:
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