Naperville Attorneys Protecting Investments and Assets
Investment and Asset Lawyers in DuPage County
One of the salient elements of a complex property division is that the parties themselves can determine the nature and characterization of property, at least to a certain extent. So, it is largely incumbent on the spouses to protect investments and assets by carefully segregating marital property and deftly employing marital agreements. An attorney can then use legal arguments to emphasize key evidentiary points and produce results that, in many cases, may exceed your expectations.
At Pesce Law Group, P.C., we understand that property has both an emotional and a financial value, and the former may well exceed the latter. We work hard to help ensure that non-marital property is exempt from division, and that marital assets are divided in an equitable matter for both spouses in divorce.
Guarding Investments
Commingling is one of the greatest threats to non-marital investment property. For example, Wife may have had an investment portfolio for years before the marriage, but over time, money filters in from both a joint account and Husband's separate account. Or, Husband may have bought a car prior to the marriage, and he uses his paycheck, which is a marital asset, to make the payments. In both these cases, the contributing estate may have a claim for reimbursement.
Reclassification is far from certain. In these cases, courts typically require clear and convincing evidence. Many times, there may be an applicable marital agreement or the account may have been a mere conduit--the money may have only temporarily migrated. In addition, there are also important time deadlines to consider.
Fixed Assets
Many people, typically by accident, may transmute an asset. For example, Husband may title the car in Wife's name, because she has a better driving record and can get less expensive insurance. Or Wife may name Husband as the account manager, since he is an accountant. In both these situations, the short-term benefit has immense long-term consequences, because both the car and investment portfolio have arguably been transmuted from non-marital to marital property.
The same defenses often apply. If you have separate assets you want to protect, regardless of their kind or character, it is always best to have a solid marital agreement on the subject.
A divorce property settlement does not necessarily involve reclassification of assets, but the two often go together. For a free consultation with an experienced marital property rights attorney, contact Pesce Law Group, P.C. at 630-352-2240. We provide legal representation in DuPage County and nearby jurisdictions.
