- Locations
- Chicago Office 77 W. Wacker Drive, 45th Floor, Chicago, IL 60601
- Lake Forest Office 100 Saunders Rd., Suite 150 Lake Forest, IL 60045
- Lisle Office 3333 Warrenville Rd.,Suite 200 Lisle, IL 60532
- Downtown Chicago/Loop Office
- 77 W. Wacker Drive, 45th Floor, Chicago, IL 60601
- Lake Forest Office
- 100 Saunders Rd., Suite 150 Lake Forest, IL 60045
- Lisle Office
- 3333 Warrenville Rd.,Suite 200 Lisle, IL 60532
312-445-8830
Common Complications in Property Division
Divorces in Illinois will involve property division, which means all assets and debts will be classified as separate property or marital property. All assets and debts that are separate will not be divided, but all marital property will be subject to distribution between the spouses based on the theory of equitable distribution. Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), most property acquired after the date of the marriage will be divisible marital property unless an exception applies. Exceptions typically include property excluded by a valid premarital agreement, property acquired during the marriage with separate assets, or property acquired during the marriage through an inheritance or gift from a third party.
Since Illinois is an equitable distribution state, all marital property will be divided in a way that the court determines is equitable (or fair) to the spouses based on their circumstances and the facts of the case. Yet many different complications can arise in property division. The following are some of the most common complications.
Complex Valuations and Appraisals
Some types of property are notoriously difficult to value and appraise. In these circumstances, the value of assets might fluctuate significantly in market value (such as artwork, for example), or it may be difficult to find a specialist appraiser to help ascertain the value of a particular asset. It will be particularly important to work with a lawyer who has experience dealing with complex assets in divorce cases.
Commingled Property
When separate property and marital property becomes mixed or “commingled,” it can be difficult to trace out the amount or percentage of separate property versus the amount or percentage of marital property. Only marital assets will be divided. Property can become commingled in a variety of ways, such as by investing separate assets into a marital asset like a primary residence or vacation home, or by helping the value of a separate asset to increase during the marriage due to work by both spouses.
Hidden or Concealed Assets
Property division can be complicated and difficult when one spouse attempts to hide or conceal assets that would be classified as marital property and divided. It may be necessary to work with a forensic accountant to track down hidden assets to ensure that they are properly valued and included as part of your divorce case.
Enforceability of a Prenuptial Agreement
Prenuptial agreements, also known as premarital agreements, can be used to exclude certain assets or debts from property division in the event of a divorce. However, in order for such assets or debts to be excluded, the prenuptial agreement must be enforceable. Complications can arise when there are questions about the enforceability of a premarital agreement due to duress or other related concerns.
Seek Advice From a Divorce Lawyer in Illinois
Do you have concerns about dividing complex property, or are you worried that your spouse is trying to conceal assets? An experienced Illinois divorce lawyer at our firm can assist you. Contact Women’s Divorce & Family Law Group today for more information about the family law services we provide.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
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Contact Information
Downtown Chicago/Loop Office
Lake Forest Office
Lisle Office
Lake Forest Office
100 Saunders Rd.
Suite 150
Lake Forest,
IL
60045
Lisle Office
3333 Warrenville Rd.
Suite 200
Lisle,
IL
60532
Downtown Chicago/Loop Office
77 W. Wacker Drive
45th Floor
Chicago,
IL
60601
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