Some assets can be split into two equitable parts rather easily. For example, if you and your spouse share a savings account, it is simple for each of you to move a share of the funds into your own separate accounts once it has been established how the money should be divided. Other more complex assets are not so easy to divide.
For some assets, like a stock portfolio, the difficulty in dividing the asset is in valuing it. For other assets, such as the marital home, the challenge is that the asset literally cannot be divided at all and another strategy must be used. Often, the challenge is that the spouses are unable to agree as to what type of split would be fair.
An attorney can help you find the ideal strategy for dividing these complex assets. All marital property must be divided equitably in an Illinois divorce.
Options for Complex Asset Division
A variety of unique strategies may help you and your spouse reach a fair agreement during asset division. Possible options for dividing complex assets may include:
Sell the asset - In some cases, selling the asset and dividing the proceeds is the only real way to break up the value of an asset. This strategy is commonly used to contend with a marital home, as a house is generally an indivisible asset otherwise. It may also be used when the spouses share a collection that would depreciate if divided.
Accept substitute property - Another option is to not divide the complex asset at all. One option is to offer the entire asset to one spouse and allow the other to take substitute property of an equivalent value. For example, instead of splitting the stock portfolio and selling the apartment building you jointly own, one spouse keeps the stock portfolio and the other keeps the entire building, assuming they are each valued similarly.
Keep an asset joint - You do not have to be married to co-own property. If you have an asset that is appreciating, it may be better to retain joint ownership and agree instead on how the appreciated value should be divided.
Each of these strategies may reduce the level of conflict in your divorce by creating a win-win situation. Your attorney can help you explore all possible strategies for dividing the assets specifically at issue in your divorce.
Contact a DuPage County, IL Complex Divorce Attorney
Andrew Cores Family Law Group is dedicated to providing the best legal services available to those involved in complex divorce. Our skilled team of Wheaton, IL complex divorce attorneys will strive to ensure that you receive the most favorable result possible. Contact us at 630-871-1002 to receive a complimentary consultation.