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Obstacles You May Encounter During the Property Division Process

Posted on in Division of Assets

IL divorce lawyerDividing a divorcing couple’s property, money, and debt is an important part of the divorce process. It is also one of the most complex aspects to many divorce cases. If you are getting divorced, you will need to identify each of your assets as either non-marital assets or marital assets. Both spouses have a right to a share of marital property whereas non-marital property belongs only to one spouse. Identifying, valuing, and dividing assets in a divorce can be further complicated by factors such as:

Non-Disclosure of Assets and Debts

Before a married couple can divide their assets and debts during divorce, they must take a full inventory of those assets and debts. Each spouse is asked to provide a financial affidavit listing their property, liabilities, income, and expenses. This financial disclosure may include bank account balances, real estate, stocks, investments, retirement accounts, loans, mortgages, and much more. Financial data from the affidavit influences everything from property division to child support, so accuracy is crucial.

Unfortunately, some spouses intentionally or intentionally leave out information on their affidavits. Hiding assets, undervaluing property, overvaluing debts, or other forms of deception during divorce are not only illegal, but they also increase the complexity of the divorce significantly. Formal discovery tools including depositions and subpoenas are often needed to uncover accurate financial information when a spouse lies on his or her financial affidavit.

Determining the Identify of Assets that Have Been Commingled

As previously mentioned, both spouses have a right to marital assets. However, determining what is marital property and what is non-marital or separate property is not always easy. When different types of property are mixed together or “commingled,” the property can lose change identities. For example, an inheritance is usually considered non-marital property belonging only to the spouse who inherited it. However, if the spouse deposits inheritance funds into a shared account, the funds may be considered marital property.

Hard-To-Value Assets in an Illinois Divorce

Determining the value of a savings account or used car is typically straightforward. However, some assets are much harder to value in a divorce. For example, the eventual value of a spouse’s pension is often not known at the time of divorce because the pension’s value depends on the spouse’s years of service to the company. Antiques, collectibles, digital currency, stocks, stock options, and other assets with fluctuating value are also trickier to address during divorce than assets with a fixed value.

Contact a Naperville Divorce Lawyer

If you plan to divorce, contact the DuPage County divorce attorneys at Pesce Law Group, P.C. for help. Call us at 630-352-2240 for a free, confidential case assessment.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

 

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