Rolling Meadows Complex Asset Division Divorce Attorney

Rolling Meadows Attorney For Divorces Involving Complex Assets in Illinois

While property division is an important issue in nearly every divorce, there are some cases where couples will need to address complex financial concerns. If a couple owns multiple types of valuable assets, a meticulous analysis of their finances may need to be performed, and strategic planning may be required to ensure that their marital property can be divided equitably. In Illinois, it is important to understand the laws that affect property division and the ways different types of complex assets may be handled. For spouses in these situations, legal representation from an experienced attorney is crucial. At Ann O’Connell Law, Ltd., we can provide invaluable legal help, advocating for solutions that will allow our clients to maintain financial success after completing the divorce process.

Types of Complex Assets That May Be Addressed in an Illinois Divorce

Several types of assets and financial issues may need to be addressed during the process of legally dissolving a marriage. At Ann O’Connell Law, Ltd., we can help our clients address issues such as:

• Business interests: Addressing issues related to ownership of a family business can be particularly challenging. A business valuation will usually need to be performed, and decisions will need to be made about whether the business will be sold, whether one spouse will buy out the other, or whether the business will continue with shared ownership.
• Retirement accounts and pensions: These assets must be evaluated to determine both their current value and their potential future worth. When dividing retirement assets, Qualified Domestic Relations Orders (QDROs) will usually need to be used to avoid taxes or penalties.
• Investment portfolios: Stocks, bonds, mutual funds, and other investments vary in value and liquidity, requiring careful analysis to ensure that they can be divided equitably.
• Real estate holdings: In addition to the family home, a couple may own other properties, rental units, or vacation homes. Each of these properties will require individual assessment to determine their value and ensure fair distribution.
• Complex debts: High-value loans or loans with varying terms and interest rates can complicate the divorce process, requiring careful consideration to ensure equitable allocation.
• Intellectual property: If spouses own patents, copyrights, trademarks, or other forms of intellectual property, they may need to assess the ongoing benefits of ownership and the income that may be generated in the future to ensure that property can be divided fairly.
• International assets: Financial accounts, business interests, or other assets that are located overseas can pose difficulties in valuation and division. A couple may need to take steps to ensure that the decisions regarding ownership of these assets can be enforced.

Issues Affecting Complex Property Division

When addressing complex financial assets, there are several issues that can influence the division process, including:

• Valuation: Appraisals or analysis by financial experts may be needed to ensure that both parties understand the value of different assets.
• Tax implications: The division of certain assets can have tax consequences, such as capital gains taxes that must be paid when assets are sold or liquidated. Spouses will need to understand what taxes they may be required to pay in the future after assuming sole ownership of different assets.
• Liquidity concerns: Some assets, while valuable, may not be easily convertible to cash. This can affect the desirability of owning different assets, and spouses will need to understand what steps they can take to ensure ongoing financial success.
• Commingling of assets: Distinguishing between marital and non-marital assets can be complicated when funds or other assets have been commingled during the marriage. Assistance from financial experts such as forensic accountants may be needed to trace assets back to their source and determine whether they are marital or non-marital.
• Future value considerations: Some assets, like business interests or investments, may increase or decrease in value. Understanding the changes that are likely to occur in the future is important to ensure that marital property can be divided fairly.

The Role of an Attorney in a Complex Divorce

Navigating the complexities of property division requires a nuanced understanding of Illinois law and a strategic approach to ensure that a person's financial interests will be safeguarded. Our attorney can assist with these issues in the following ways:

• Asset identification and valuation: We can help identify and classify marital and non-marital assets, ensuring that they are valued accurately and considered correctly during the property division process.
• Strategic negotiation: We can help negotiate a property settlement that will protect our client's financial well-being and determine the best ways to resolve any disputes that may arise.
• Documentation and finalization: We can ensure that all legal documents accurately reflect the agreed-upon asset division and that the proper steps are taken to transfer ownership of different types of assets.

Contact Our Rolling Meadows Complex Property Division Attorney

Divorces involving complex financial issues require a sophisticated approach and a nuanced understanding of Illinois law. At Ann O’Connell Law, Ltd., we are skilled in handling complex issues related to asset division. We work to help our clients navigate the complexities of divorce while protecting their financial interests and ensuring that they can lay a solid foundation for their future. Contact our office at 847-859-6222 to arrange a free consultation and learn how we can help you address and resolve financial concerns during your divorce.