The legal and financial aspects of a marriage are often overlooked. Finances, however, are an essential element during a marriage and a divorce. The division of complex assets can be especially difficult, especially if those assets have a high value. Assets such as security funds, bonds, and small-cap stocks can frequently change in value, making them difficult to address during a divorce.

Businesses are also challenging to address during divorce. Even if a business owner started the business before marriage, if both spouses contributed to the business, it could become a marital asset. This means that both spouses have a right to a share of the business’s value. If spouses can come to an agreement about how to divide complex assets, they may be able to get a resolution outside of the court. However, if they cannot make an agreement that works for both parties, the court will determine the division of their assets. 

Appraisal and Division of Complex Assets in a Divorce 

The worth of complex assets often changes in value over time, making it difficult to determine their value. Parties may disagree on the worth of these assets when deciding who deserves what. When dividing these assets, it may be worthwhile to work with an experienced financial advisor or appraisal expert to determine the value of these assets. Parties need to understand the value of these assets so they can determine an equitable division of assets. It is common for one spouse to buy out the other spouse’s share of complex assets. For example, one spouse may retain full ownership of a business while the other spouse receives real estate or other assets of equal value. 

A prenuptial agreement is an agreement that two spouses make before marriage. The agreement details how the spouses will handle their assets, debts, or other finances if the couple divorces or a spouse passes away and will go into effect when the couple gets married. 

While many people assume that prenuptial agreements can lead to complications within their marriage, they actually can do the opposite, creating an arrangement that removes any potential doubt parties may have regarding their financial interests in the case of a divorce.

There are several reasons why a couple may decide to get a prenuptial agreement. Some examples are children from a past marriage or just wanting to protect their personal assets or future inheritance. The prenuptial agreement must be in writing, agreed upon, and signed by both spouses. A court will typically enforce most prenuptial agreements, except for the few exceptions under certain circumstances, especially if the agreement seems grossly unfair or assets are distributed unjustly. 

According to Illinois law regarding relocation with a child, divorced and unmarried parents who share parental responsibilities and parenting time may need to get court approval to relocate with their child. If a parent has most or an equal amount of parenting time and wishes to move, there are certain requirements and procedures to follow. 

When Is Court Approval Not Necessary? 

If a parent wants to relocate their child and has no interest in getting the court involved, there are a few certain situations where they will not need to:

• The parent lives in a collar county in Illinois and wishes to move less than 25 miles away

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If any debt was taken at any point within the marriage, then that is considered shared between the parties. All marital debts and assets will need to be addressed during an Illinois divorce. Typically, any debt a party incurred before the two were married is considered non-marital property and will be the party's sole debt and responsibility. However, there are exceptions to this. 

If the parties are unable to agree on how their debts should be divided, then the court will step in and decide how to divide debt. Illinois is an equitable distribution state, meaning that debts and assets will be split fairly during an Illinois divorce,

Divorcing Spouses are Encouraged to Pay Off Debt 

Many divorce lawyers encourage divorcing spouses to pay off jointly held debt. Creditors are not required to absolve someone of their debt just because they got divorced. It is possible for a spouse to be pursued for repayment of debts that the other spouse amassed months or years after the divorce. If you are getting divorced and you and your spouse share debts, you may want to consider selling assets such as the marital home to pay down these debts. 

During a divorce, an ideal situation is that both parties can negotiate and settle on terms on their own. If both parties agree on how to divide assets, parenting time, and finances, they can save time, money, and stress. Divorce mediation can be an effective tool for parties to find a resolution that works for everyone. 

During divorce mediation,  couples can use the help of a third-party mediator to facilitate communication, negotiate and resolve conflicts between them. The mediator helps the couple understand their own interests, explore options for settlement, create a mutual agreement, and prepare the necessary paperwork.

Divorce mediation is often faster and less expensive than traditional divorce proceedings. It also helps both parties avoid the stress and bitterness of a court battle.