There are several factors that will affect the outcome of your Illinois divorce settlement, including the duration of your marriage, whether or not you or your spouse (or both together) own a business, and whether or not yours is a high asset divorce case.
The duration of your marriage will significantly affect the outcome of your divorce if your marriage was of considerable length. Individuals who are married for a long period of time collect considerable assets together, such as property, land, retirement savings, and investments. Moreover, long-time married couples tend to have a number of diverse property holdings and interests that are difficult to value, such as employee stock options, investment portfolios, and private healthcare practices.
Business ownership by either or both spouses poses additional complications. If both spouses own the business together, they must accurately value the business before they can determine what to do with it. More often than not, the couple will choose to sell the business and its assets and split the profits. Another common scenario is when one spouse buys the other out.
If one spouse owned a business, things become a bit more complicated. In Illinois, the judge will consider each spouse’s contribution to the marriage (not necessarily financially speaking) and determine what share of the business, if any, the non-owner will get.
High asset divorces generally include such complex properties as:
A skilled Chicago divorce lawyer will enlist the help of financial professionals such as forensic accountants and real estate appraisers for additional aid in the valuation of your assets and to ensure that your financial interests are protected.
The divorce lawyers at Arami Law have successfully dealt with a number of complex property division divorce cases in Chicago, Cook County, and throughout the state of Illinois. If you suspect that your divorce will be complex in any way, reach out to an experienced attorney who will support you throughout the duration of your divorce and protect your best interests at the same time. To schedule a consultation with one of our family law attorneys, contact our law firm today online or by phone to set up your appointment.
We can meet with you at our office or discuss your case with you over the phone. We pride ourselves on our accessibility and making certain to help each and every client in a timely manner.
One of the most contested issues in complex property division is the valuation of a closely held business, professional practice, or ownership interest. Business valuation is not an exact science — different appraisal methodologies can produce dramatically different numbers, and the selection of method, normalizations applied, and assumptions used all affect the final figure significantly.
Common business valuation approaches used in Illinois divorce proceedings include:
Each approach has strengths and weaknesses depending on the type of business involved. Arami Law works with certified business valuators who are qualified as expert witnesses in Cook County to ensure our clients’ interests are well-represented in this critical aspect of complex property division.
Complex property cases frequently involve attempts by one spouse to conceal or undervalue assets. Warning signs that a spouse may be hiding assets include:
When hidden assets are suspected, Arami Law deploys forensic accountants who specialize in divorce cases. Through subpoenas, depositions, and detailed financial analysis, we systematically uncover concealed wealth. Illinois courts take a serious view of asset concealment — judges have broad discretion to award a larger share of the marital estate to a spouse who was defrauded and to impose attorney fee sanctions on a spouse who engages in bad faith discovery conduct.
Chicago’s real estate market means that many divorcing couples hold significant value in the family home and, in many cases, additional investment properties. Complex real estate division issues include:
Investment portfolios present their own complexity. Determining the marital versus non-marital character of an account that has been active for years, tracing contributions, and valuing positions that fluctuate in value requires careful financial analysis. Arami Law has the experience and professional network to handle the full spectrum of complex property division issues that arise in Chicago-area divorces.
