Barrington High Asset Divorce Attorney

Lawyers for Divorcing Couples With Complex Asset Division Issues

Dissolving a marriage is hardly ever easy, but a divorce can be especially complex if a couple owns many valuable assets. There are also a number of financial complications and practical considerations that spouses need to know about in these situations. To make sure your rights and interests will be properly addressed when handling these concerns, you will need an experienced divorce lawyer on your side.

No matter your current financial situation, A. Traub & Associates will work to ensure the best possible outcome for you in your divorce. We understand that divorces can be incredibly complex, especially when large amounts of money and property are involved. With our assistance, you can make sure you will have the financial resources you need as you embark on the next stage of your life following the finalization of your divorce.

Legal and Financial Concerns in a High Asset Divorce

Illinois follows the rule of "equitable distribution" when dividing property between married couples who choose to get divorced. While assets do not have to be divided evenly, both spouses will be entitled to a fair share of what the couple owns.

However, property division will be limited to assets that were obtained by either spouse during their marriage--this is called marital property. Other assets, like property one partner acquired before they were married or after a couple was legally separated, are considered to be separate property that is not part of the marital estate. In some cases, it can be difficult to tell which category certain assets will fall into. If marital and non-marital property becomes mixed together, this is known as "commingling," and the assistance of financial experts may be needed to trace assets back to their source and determine whether they should be included in the marital estate.

A few examples of assets that may need to be addressed by couples with large marital estates include:

• Business assets - A family business or another type of business that a spouse invested in while they were married will need to be addressed during the property division process. A business valuation will usually need to be performed to ensure that both spouses understand the present and future value of business assets. The couple can then determine how ownership of the business will be handled. In many cases, a business owner will want to maintain sole ownership, and the other spouse may receive other marital assets of a similar value. If both spouses are involved in the business, they may choose to continue co-owning the business and working together as business partners. If necessary, a business may also be sold during the divorce process.
• Real estate properties - A married couple may own one or more forms of real estate, including their primary home, one or more vacation homes, or residential or commercial properties that are leased to tenants. Properties will usually need to be appraised, and ownership decisions may be based on child custody arrangements, each spouse's ability to cover ongoing household expenses, and the tax benefits or consequences that will apply to a property owner. While continued ownership of some properties may be preferable for one or both spouses, it may be necessary to sell a home or other real estate during the divorce process.
• Inheritances and gifts - Generally, property that either spouse acquires through an inheritance or a gift from a family member or loved one is considered to be non-marital property, and since it is not part of the marital estate, it will not be divided between the spouses during their divorce. Property acquired in exchange for non-marital assets will also be considered non-marital property.
• Retirement assets - Spouses may need to figure out how to handle the funds they have saved in 401(k) accounts, IRAs, or other types of retirement savings accounts, as well as any pension benefits that either spouse will be eligible to receive upon retirement. Funds in retirement accounts will usually need to be transferred between spouses using a Qualified Domestic Relations Order (QDRO), which will ensure that taxes and penalties will not apply. Also, if either spouse earns a large income, additional executive benefits such as bonuses, deferred income, or stock options may need to be addressed when dividing marital assets.

Contact a Schaumburg High Asset Divorce Attorney

If you own significant assets, there are many legal and financial issues you will need to deal with during your divorce. You may also need to determine how the terms of a prenup or postnup will affect the division of marital property, and you should be aware of the tax implications of transferring or selling different assets. A. Traub & Associates can help make sure you have properly considered all the complex aspects of your case. We will work to help you reach a settlement that meets your needs. Contact our office today at 630-426-0196 for a confidential consultation.