Divorce is never easy, especially when significant assets and property are involved. At The Diggs Law Firm, we understand the financial complexities that come with dividing property during divorce proceedings. If you or your spouse owns a business, multiple properties, or has other high-value assets, it's essential to work with a law firm that understands how to protect your financial interests.
Understanding Property Division in Illinois
Illinois follows the principle of equitable distribution, meaning property is divided in a fair—but not necessarily equal—manner. The division of assets is based on several factors, including the length of the marriage, each spouse's contributions, and future financial needs.
The law makes a distinction between marital property and non-marital property. Marital property includes assets acquired during the marriage, while non-marital property refers to assets owned before the marriage or acquired by gift or inheritance. However, determining what is considered marital versus non-marital can be complicated, especially if assets were mixed or commingled during the marriage.
Why High-Asset Divorces Are More Complex
For working professionals and business owners, protecting high-value assets during a divorce requires strategic planning. Complex property division can include:
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Real Estate Holdings: Whether it's your family home, vacation properties, or investment real estate, the division of these properties requires accurate valuation and a clear understanding of ownership rights.
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Business Interests: If you or your spouse owns a business, it's crucial to protect your interest in the company. In Illinois, even if one spouse started the business before the marriage, the increase in value during the marriage could be considered marital property. An expert business valuation is often necessary to determine the business's worth and how it should be divided.
- Investment and Retirement Accounts: Stocks, bonds, retirement accounts, and other investments can also be part of the marital estate. Dividing these assets requires careful planning to minimize tax liabilities and ensure long-term financial security.
Protecting Your Assets During Divorce
At The Diggs Law Firm, we work closely with financial experts to ensure that all assets are accurately valued and fairly divided. We help our clients create strategies to safeguard their business interests, real estate, and investments during the property division process. Our goal is to protect your financial future and ensure that you receive a fair share of the marital estate.
Some strategies include prenuptial or postnuptial agreements, which can establish clear guidelines about how assets will be divided in the event of a divorce. Even if no agreement was in place before or during the marriage, a carefully structured property settlement agreement can help minimize conflict and protect your interests.
Business Valuation in Divorce
For many high-net-worth individuals, a business is one of the most significant assets in the marital estate. Dividing business interests during a divorce is challenging, and understanding its value is essential. Business valuations are typically done by financial experts who look at:
- The business's assets, income, and liabilities.
- Market conditions and the industry's economic climate.
- The involvement of each spouse in the business's success.
Depending on the circumstances, one spouse may buy out the other's interest in the business, or the business may be sold and the proceeds divided.
The Importance of a Tailored Legal Strategy
At The Diggs Law Firm, we know that every divorce is unique. We offer personalized legal strategies based on your specific financial situation. Our goal is to guide you through the property division process while protecting your wealth and ensuring your financial stability for the future.
If you're considering divorce and have significant assets to protect, contact The Diggs Law Firm. Our experienced attorneys will work with you to develop a plan that protects your property and ensures a fair outcome. Contact us or schedule your consultation today.