From hefty retirement funds to multiple properties, and family heirlooms to family photo albums, many assets that married people collect over the years either appreciate in value or cannot be valued. Assets that can be valued have likely appreciated in value over the years. This is especially true for land, houses, vehicles, stocks, and retirement savings funds. To ensure that each spouse receives their fair share of the
marital property, all assets should be appraised by a professional to determine their current value.
Additionally, couples that are married for a great length of time generally have more diverse property holdings or interests that are difficult to value. This can include healthcare practices, employee stock options, real estate investments, and other investment portfolios.
For assets that cannot be valued – such as photo albums and family heirlooms – the couple should sit down and calmly discuss who should get what. If they cannot come to an agreement, mediation may be in order.
Asset division in a long-term marriage dissolution typically requires an attorney who is experienced in
complex property matters. The Chicago divorce lawyers at Arami Law utilize the help of other business professionals such as appraisers, financial planners, and accountants to assist with the process and ensure the fairest distribution possible.
Spousal Support
Additionally, a judge is more likely to award alimony or a disproportionate share of the assets to the lesser earning spouse of a long-term marriage. The judge will do this to ensure that the lesser earning spouse is able to enjoy the same standard of living they had become accustomed to during their marriage, post-divorce.
In addition to awarding a disproportionate share of assets to the lesser earning spouse, the breadwinner may have to pay spousal support. To determine if and how much
alimony should be awarded and for how long, the judge will consider the financial disparity between the two parties, the duration of the marriage, and each spouse’s contribution to the marriage.
Consult a Chicago Divorce Lawyer
Arami Law serves clients throughout Chicago, including Cook County, Lake County, and surrounding areas in northern Illinois. If you and your spouse have decided to part ways after a long-term marriage and need support and guidance throughout this difficult time in your life, retain the help of an experienced and compassionate
divorce lawyer. Contact our law firm today online or by phone to set up your consultation.
We can meet with you at our office or discuss your case with you over the phone. We pride ourselves on being highly accessible and helping each and every client in a timely manner.
