location 1580 N. Northwest Highway, Suite 12, Park Ridge, IL 60068
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George Skuros
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phone 312-884-1222

Chicago, IL Complex Assets Attorney

Des Plaines complex assets divorce attorney

Skilled Divorce Lawyer for Dividing Complicated Properties and Debts in Cook County, Illinois

Sorting through all of your accumulated assets and debts is often one of the most difficult and time-consuming aspects of the divorce process. Longer marriages with high-value assets tend to be some of the most complicated, as certain kinds of properties cannot simply be liquidated or easily split between spouses. Often, it is important to take additional steps to protect your financial interests and ensure a fair resolution.

At The Law Office of George J. Skuros, we have decades of experience representing clients in divorce cases, and we have encountered a wide variety of complex financial situations. We will share our knowledge with you to help you better understand the implications of the decisions you make regarding the division of marital property of all types. With our assistance, you can determine the best approach for minimizing your losses and remaining financially stable.

Complex Properties and Assets in an Illinois Divorce

Almost any kind of property can present challenges when dividing assets in a divorce, whether because of its financial value or a spouse's emotional attachment. However, it is especially important to work with experienced legal and financial professionals if you are dealing with any of the following assets or situations in your divorce:

  • Businesses- Ownership interests in a smallfamily business, a private practice, or a large corporation can all be up for debate during the divorce process. You should be sure to seek a professional valuation so that you fully understand what the business is worth, and you may consider various options, including buying out your spouse's share or selling the business and equitably distributing the proceeds.
  • Retirement savings - Assets in retirement accounts, including IRAs, 401(k)s, and pension plans, can not be easily withdrawn or transferred to a spouse without triggering income taxes and early withdrawal penalties. Before dividing retirement savings, you should determine whether you need to obtain a Qualified Domestic Relations Order (QDRO) or approval for a transfer incident to divorce.
  • Real estate properties - The marital home and other rental, vacation, and investment properties should also be professionally valued before the divorce. As with businesses, you may need to decide whether it is best to negotiate for sole ownership, work out a joint ownership agreement with your spouse, or sell the property.
  • Inherited assets - Assets you receive from an inheritance or gift are typically considered to be non-marital property under Illinois law, meaning that they will stay in your possession after the divorce. However, the situation can become more complicated when your inherited assets are commingled with your spouse's assets or assets from the marital estate.
  • Hidden or dissipated assets - It is not uncommon for a person to conceal marital or non-marital assets from their spouse in an effort to unfairly influence the division of property. Dissipation, or using marital assets for one's own purposes without a spouse's knowledge, is also unfortunately common. If you have suspicions of dissipation or hidden assets, you should investigate them to gather evidence and help you protect your interests.
  • Marital debts - Debt accumulated throughout the marriage must also be divided in an Illinois divorce. This includes home mortgages, auto loans, credit card debt, and student loans. In addition to distributing the obligations fairly, it is often important to refinance certain loans so that you are not responsible to creditors for debts allocated to your spouse.

Resolving Issues With Complex Assets

Staying well-informed of your financial situation and working with trusted experts can help you ensure that you are prepared to work toward a fair resolution. If you and your spouse are committed to open and honest negotiations, it may be possible to reach an agreement on your own terms regarding how best to handle complex assets. However, if it becomes clear that your spouse is not willing to negotiate in good faith, we can help you take your case to court and represent your interests as we reach a resolution through litigation.

Complex Property & Asset Division FAQs

Q

What Is a High-Asset Divorce, and How Is it Different From a Regular Divorce?

“High-asset” divorces refer to a broad category of cases where spouses have significant wealth and property—usually worth $1 million or more. These cases are characterized by complex financial issues, and they may involve hidden assets, necessitating professional evaluations and thorough discovery.

Q

Why Do I Need a High-Asset Divorce Lawyer for Complex Financial Situations?

A high-asset divorce attorney can provide you with critical legal guidance and advocacy during negotiations related to marital property. Our firm can inform you of your rights during asset division, working directly with your spouse’s lawyer to reach a favorable resolution. If needed, we can also provide you with fierce representation in a trial, arguing for a fair outcome on your behalf.

Our high-asset divorce lawyers also have access to resources that can help you make informed decisions. We work with financial experts who can help you uncover hidden assets and get an accurate estimate for the value of complex assets like investment portfolios, real estate, and businesses.

Q

What Is the Best Way to Divide Assets in a High-Asset Divorce?

While there is no single “best” method to divide property in a high-asset divorce, negotiating a settlement outside of court can help you avoid litigation costs. This approach gives you more direct control over the outcome, as opposed to leaving the decision to a judge, and it usually takes less time than a full trial.

Q

How Are Complex Assets Like Businesses, Investments, and Real Estate Divided in a Divorce?

To divide complex assets in a divorce, you must first determine the value of each asset. Business valuation experts and other financial professionals can help to assign a monetary value to non-liquid properties. Once an asset has been appraised, you can choose to buy out your spouse’s interest or vice versa, or you may sell it and split the proceeds, among other solutions. At The Law Office of George J. Skuros, we regularly work with financial professionals who can help to simplify the division of complex assets.

Q

How Can I Protect My Assets Before and During a Divorce?

If you want to protect certain assets before your divorce, you and your spouse could sign a marital agreement to exclude those assets from division. During your divorce, you and your spouse can also engage in direct negotiations to decide how you want to divide your shared property, giving you greater control over the distribution of assets.

Q

How Are Retirement Accounts and Pensions Handled in a High-Asset Divorce?

Any contributions made to a retirement account or a pension during the marriage may be considered marital property, meaning that they are subject to division. To avoid incurring early withdrawal penalties, special court orders known as qualified domestic relations orders (QDROs) can be used to transfer assets from one account to another.

Q

What Assets Cannot Be Split in a Divorce, and What Counts as Separate Property?

Assets protected by a valid prenuptial or postnuptial agreement cannot be split in a divorce. Additionally, any assets that were acquired before the marriage or received as a gift or inheritance are considered separate property and exempt from division, as long as they are not mixed together with marital assets.

Q

What Happens if My Spouse Is Hiding Assets or Wasting Marital Funds?

If one spouse wastes marital funds during the breakdown of the marriage—such as by gambling away marital funds or spending money on an affair partner—the other spouse can file a dissipation claim to make things right, which may entail direct compensation or a larger share of the marital estate. Likewise, intentionally hidden or concealed assets can be uncovered through forensic accounting and addressed in a dissipation claim.

Q

How Are Marital Debts Divided in a High-Asset Divorce?

Marital debts in a high-asset divorce are handled the same as any other divorce. If the spouses cannot reach an agreement about how to divide debts on their own, the judge will allocate them according to what is most equitable. The court may factor in each spouse’s economic circumstances, the length of the marriage, and other relevant factors to determine the fairest outcome.

Q

Is Moving Out of the Marital Home a Mistake in a High-Asset Divorce?

The decision to move out of the marital home during a high-asset divorce is a highly personal one. If you cannot afford to pay for your marital home with your income alone after refinancing, it may be prudent to move out after the divorce. On the other hand, some spouses may choose to stay in the marital home post-divorce for sentimental reasons or to take care of their child in a familiar environment.

Contact a Chicago Complex Property Division Lawyer Today

Handling complex assets requires a thorough approach, and we will work with financial professionals to determine how best to handle the legal and financial complications of your case. For a free consultation, contact us at 312-884-1222. We represent clients in Chicago and throughout Cook County.

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