Chicago Complex Assets Attorney

Chicago Divorce Lawyer for Dividing Complicated Properties and Debts in Cook County

Sorting through all of your accumulated assets and debts is often one of the most difficult and time-consuming aspects of the divorce process. Longer marriages with high-value assets tend to be some of the most complicated, as certain kinds of properties cannot simply be liquidated or easily split between spouses. Often, it is important to take additional steps to protect your financial interests and ensure a fair resolution.

At The Law Office of George J. Skuros, we have decades of experience representing clients in divorce cases, and we have encountered a wide variety of complex financial situations. We will share our knowledge with you to help you better understand the implications of the decisions you make regarding the division of marital property of all types. With our assistance, you can determine the best approach for minimizing your losses and remaining financially stable.

Complex Properties and Assets in an Illinois Divorce

Almost any kind of property can present challenges when dividing assets in a divorce, whether because of its financial value or a spouse's emotional attachment. However, it is especially important to work with experienced legal and financial professionals if you are dealing with any of the following assets or situations in your divorce:

• Businesses - Ownership interests in a small family business, a private practice, or a large corporation can all be up for debate during the divorce process. You should be sure to seek a professional valuation so that you fully understand what the business is worth, and you may consider various options, including buying out your spouse's share or selling the business and equitably distributing the proceeds.
• Retirement savings - Assets in retirement accounts, including IRAs, 401(k)s, and pension plans, can not be easily withdrawn or transferred to a spouse without triggering income taxes and early withdrawal penalties. Before dividing retirement savings, you should determine whether you need to obtain a Qualified Domestic Relations Order (QDRO) or approval for a transfer incident to divorce.
• Real estate properties - The marital home and other rental, vacation, and investment properties should also be professionally valued before the divorce. As with businesses, you may need to decide whether it is best to negotiate for sole ownership, work out a joint ownership agreement with your spouse, or sell the property.
• Inherited assets - Assets you receive from an inheritance or gift are typically considered to be non-marital property under Illinois law, meaning that they will stay in your possession after the divorce. However, the situation can become more complicated when your inherited assets are commingled with your spouse's assets or assets from the marital estate.
• Hidden or dissipated assets - It is not uncommon for a person to conceal marital or non-marital assets from their spouse in an effort to unfairly influence the division of property. Dissipation, or using marital assets for one's own purposes without a spouse's knowledge, is also unfortunately common. If you have suspicions of dissipation or hidden assets, you should investigate them to gather evidence and help you protect your interests.
• Marital debts - Debt accumulated throughout the marriage must also be divided in an Illinois divorce. This includes home mortgages, auto loans, credit card debt, and student loans. In addition to distributing the obligations fairly, it is often important to refinance certain loans so that you are not responsible to creditors for debts allocated to your spouse.

Resolving Issues With Complex Assets

Staying well-informed of your financial situation and working with trusted experts can help you ensure that you are prepared to work toward a fair resolution. If you and your spouse are committed to open and honest negotiations, it may be possible to reach an agreement on your own terms regarding how best to handle complex assets. However, if it becomes clear that your spouse is not willing to negotiate in good faith, we can help you take your case to court and represent your interests as we reach a resolution through litigation.

Contact a Chicago Complex Property Division Lawyer

Handling complex assets requires a thorough approach, and we will work with financial professionals to determine how best to handle the legal and financial complications of your case. For a free consultation, contact us at 312-884-1222. We represent clients in Chicago and throughout Cook County, including the North Shore, Schaumburg, Arlington Heights, Inverness, Park Ridge, Mount Prospect, Des Plaines, and the surrounding areas.