How to Prepare for a High Asset Divorce in Illinois

The division of marital property is always a complicated divorce matter. When the involved assets, however, are high, the matter becomes that much more complex. The higher the value of the marital estate, the more risk there is that hiding or otherwise dissipating assets will be a concern, and the more important it is to work closely with an experienced Illinois high asset divorce attorney.

The Matter of Marital Property

In the State of Illinois, the matter of property division focuses on the distinction between marital property and separate property. Marital property refers to those assets and properties you come to own while you were married, and separate property refers to anything either of you owned prior to marriage and kept separate throughout the marriage – with no commingling of marital assets. The only exceptions include:

• Any gifts given to one spouse alone
• Any inheritances received by one spouse alone  

Marital assets must be divided fairly between both spouses upon divorce – unless a specific asset is specifically addressed in a legally valid prenuptial agreement. 

Gathering the Necessary Financial Documentation

Preparing for a high asset divorce begins with gathering the necessary financial documentation, including all the following:

• Documentation regarding each spouse’s earnings 
• Documentation regarding monthly expenses
• Documentation regarding all financial holdings, including stocks, bonds, and other financial tools
• Documentation related to retirement accounts and life insurance policies
• Documentation related to financial obligations
• Tax records that reach back several years
• Any additional financial documents that pertain to you as a couple, to your household, or to either of you separately

Having Assets Valued

Not only will you need to list all of your assets, but you’ll also need to assign a mutually acceptable value to each, which tends to be one of the more challenging aspects of the process. The kinds of properties that will need to be assigned a value – via professional appraisal – include all the following:

• Jewelry and watches
• Collections, such as collections of art, motor vehicles, or watches
• Individual pieces, such as family heirlooms or antiques
• Racing animals
• Vacation properties
• Recreational vehicles, including boats

Documentation of Gifts or Inheritances

While any gifts or inheritances that you received in your name alone will remain your separate property, you must prove their separate nature by demonstrating that you were the only recipient. You’ll also need to document the amount and value of the involved assets. 

Your Prenuptial Agreement

If you have a prenuptial agreement in place, it will need to be inspected in relation to your divorce and its overall validity.

An Experienced Illinois High Asset Divorce Attorney Is Standing By to Help

The trusted Illinois high asset divorce attorneys at Arami Law, Inc. focus their imposing practice on skillfully championing the financial rights of valued clients like you. We are on your side and here to help, so please do not wait to contact us for more information today.