How to Handle Complex Assets During a Divorce
Posted on March 22, 2023 in DuPage County Divorce Attorneys
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.
It is also crucial for divorcing couples to understand the tax implications of any decisions they make regarding complex assets. Complex assets can also include certain types of retirement plans and investments, which may be subject to significant taxes if not handled properly.
Contact a Wheaton, IL, Divorce Lawyer
At the Andrew Cores Family Law Group, we understand how strenuous dealing with complex assets within a divorce can be. These things can be highly stressful and confusing, leading to more uncertainties and difficulties you should not have to deal with. We have a skilled team of attorneys who can assist you when making these important decisions and advocate on your behalf. Contact our DuPage County divorce attorneys for personalized guidance. Call us at 630-871-1002 for a free initial consultation today.
Source:
https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
