Perhaps the most complex part of any divorce is dividing up the assets that you have accumulated over the marriage. When there are high-value investments and property involved, this process becomes much more complicated.
Make sure you take into account these considerations during the division of the marital property.
Have you overlooked marital property?
In Illinois, the things you acquired before your nuptials are not considered marital property, and those assets are usually not subject to division. However, both spouses will typically have a claim on any appreciation on non-marital assets that occurred during the marriage. It is important to carefully assess all investments and property when determining what is and is not marital property.
Have you obtained proper valuations of assets?
Determining the worth of complex assets like businesses, real estate, retirement accounts and intellectual property can be very difficult. It is important that you hire your own reputable independent experts to undertake this process. A poor valuation could prevent you from receiving your fair share of the marital property.
Have you considered taxes?
Real estate, retirements accounts and many other high-value assets will have unique tax implications, and these implications will affect the true value of the marital property. Failing to consider the potential tax burden could leave you with an expensive bill later on.
Though most divorces require patience, this is particularly true for individuals with significant net worth. Taking your time to properly examine all aspects of property division will ensure an equitable agreement for both parties.