Issues in an Illinois High-Asset Divorce

 Posted on February 20,2024 in Division of Assets

The larger and more complex your marital estate is, the more challenging it may be to divide your property fairly during your divorce. High-asset spouses often own assets that generate profit, such as rental properties or a family business, or assets of fluctuating value, like joint investments. Illinois requires all marital assets to be divided fairly and equitably, but determining how to divide certain assets in the most fair way possible may not be easy. If you and your spouse are in a high-asset marriage, it is important to work with a Naperville, IL, divorce attorney who has experience dividing complex assets during the divorce process. While high-asset divorce is somewhat more likely to be litigated, resolving your divorce out of court may allow for greater flexibility in creating a division plan.

Dividing Stock Holdings 

High-asset spouses often share a stock portfolio. As the price of each stock is constantly in flux, it may not be easy to determine how to split your stock holdings so that each spouse will retain roughly the same value. One technique is to equally divide stocks in each separate company you own stocks in. So, if you own 50 shares in Company A, each of you would keep 25 shares of stock in Company A.

Dividing a Jointly Owned Business 

When you and your spouse own a profitable business, you may find that it is in both your interests to keep the company under your control so that you can continue bringing in profits. Although selling the company and sharing the proceeds is an option, spouses who wish to keep running their business can often benefit from putting a co-ownership agreement in writing.

Dividing Rental Properties 

Vacation rentals are a very common source of income for those who can afford real estate in desirable areas. There are several options for dividing this type of asset. Often, divorced spouses can retain co-ownership and divide the profits by using a property management company instead of managing the rentals themselves. Selling the property is another option, but this may not be desirable if you enjoy using the property yourselves.

Dividing a Retirement Account

Even if only one spouse worked for pay and made contributions, both spouses are entitled to a portion of their retirement savings. A 50/50 split is fairly common, as each spouse is considered to have made equal contributions, even if one spouse contributed by being a homemaker and enabling the other spouse to focus on their career.

Contact a Naperville, IL, High-Asset Divorce Lawyer

Calabrese Associates, P.C. is experienced in dividing complex and profitable assets during the divorce process. Our skilled team of DuPage County, IL, high-asset divorce attorneys will work to create a mutually beneficial plan for dividing income-generating assets. Contact us at 630-393-3111 for a confidential consultation.