Divorces can be complicated, even if both spouses agree on many of the issues that must be addressed. In some cases, the marital estate may include significant assets, or spouses may earn large incomes. In these complex divorce cases, couples may need to address high-value assets or property, business valuation, spousal maintenance, and more. The division of property can have a long-term impact on one or both spouses, so this area needs to be addressed carefully. If you are entering the divorce process, it is important to understand your rights and the near-term and long-term impact of the decisions you make.
Marital Assets
The marital estate includes any property that was obtained during the course of your marriage. Illinois is an equitable distribution state, which means that marital property will be divided equitably, but not necessarily equally. In some cases, litigation in court may be necessary to resolve disputes over the division of assets; however, it is often more beneficial if spouses can work together to reach an agreement on these issues outside of court.
High-value assets often include many different types of monetary funds or possessions, such as the following:
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