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St. Charles IL divorce attorneyWhenever a couple chooses to end their marriage, they will need to address multiple legal and financial issues. High net worth divorce cases can be very complex, especially when it comes to the division of marital property. These couples will likely own multiple types of high-value assets, and as they determine how to divide these assets fairly, they will also need to understand the financial implications of the decisions they make.

Dividing High-Value Assets

During a high net worth divorce, couples will need to gain a full understanding of all of the assets they own, including marital assets acquired during their marriage and separate property each spouse owned before getting married. Assets that these couples need to address may include:

  • Jewelry, artwork, and collectibles - Certain items owned by a couple may have both financial and sentimental value. In many cases, appraisals may need to be performed to determine the value of these items and ensure that they can be divided fairly.

Kane County divorce lawyerEveryone knows that when a couple divorces, they split everything they own 50/50. Right? Wrong! Property division in divorce is actually much more complex than just throwing everything into a big pot and then splitting it down the middle.

In this blog, we will address some of the most common types of property that must be divided in a divorce, and how Illinois divorce courts tend to divide property. Keep in mind that Illinois is an “equitable distribution” state, meaning that rather than dividing assets 50/50, assets will be divided fairly according to a number of factors that the court will consider.

Homes and Land

The marital home is often the most valuable asset a couple owns together. Depending on whether the couple has children and one of the spouses wishes to stay in the home, the couple may choose to have one spouse buy out the other spouse’s value in the home, or sell the home and split the proceeds.

St. Charles IL divorce lawyerWhen two people are married, most of the assets they acquire throughout the course of their marriage are considered marital property. During a divorce, a court will determine whether certain assets are considered marital or non-marital.

If an asset is determined not to be marital property, the court has no legal authority to award part of the asset to the non-owner spouse in a divorce. Generally, assets acquired by inheritance, gift, legacy, or descent are not considered marital property in Illinois, but the way an asset is treated after the inheritance may render it marital property.

What is an Inheritance?

Inheritances are monies, properties, or other assets that are given to someone through an estate planning document, like a will, or through intestate succession. If someone inherits an asset while they are married, it is generally considered non-marital property, as long as it is possible to prove that the asset was specifically given to the recipient by the deceased.

Kane County divorce attorneyEven after a divorce, it is important for parents to maintain their relationships with their children. This usually means that there is still contact with the other parent–even if it is hostile in nature. Sometimes, the relationship between former spouses is so hostile that one spouse will attempt to turn a child against the other spouse in an effort to retaliate against them or get revenge.

In addition to being extremely damaging to the psychological well-being of a child, parental alienation is painful and confusing for the parent towards whom the alienating behavior is directed. A previously happy and content child may suddenly become withdrawn or angry and begin repeating ugly language they learned from the alienating parent.

Although Illinois law conspicuously rejects the term “parental alienation syndrome,” due to its lack of specificity, the law instead has a host of procedures and statutes to inhibit what might be considered parental alienation.

St. Charles IL divorce lawyerNo one gets married with plans to get divorced. However, a large number of marriages—between 30 and 40 percent, according to recent estimates—fail to stand the test of time. Ending a marriage relationship is the most personal of decisions, and doing so can be incredibly difficult emotionally. Nevertheless, there are many things that may signal that it is time for you to file for a divorce.

What Are Irreconcilable Differences?

In 2016, the Illinois legislature abolished all fault grounds for divorce in the state. As a result, the only required grounds for divorce are that the marriage has irretrievably broken down due to irreconcilable differences. This basically means that the law recognizes the need for divorce when the marital relationship cannot be saved.

Nobody should have to live in a situation where there is constant bickering or where one or both partners no longer feel connected to each other. If it is difficult to have civil conversations with your spouse, it may be time to consider divorce. Other signs that a divorce may be the best option include infidelity, major substance abuse issues, financial dishonesty, or the simple inability to find joy and happiness in the relationship.

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