Unless a couple has a prenuptial agreement or developed a post nuptial agreement, most assets acquired during the marriage, except a direct inheritance or lawsuit judgment is subject to being divided during a divorce. This means all assets must be properly valued at the time of the divorce and an equitable settlement must be reached.
Fortunately, in many cases, couples are willing to reach an agreement about how assets are to be divided during divorce. Complexities are common; particularly if one partner has a business, has a high net worth or when one partner is unable to work because of age or disability. In many cases, it is necessary to work with numerous specialists such as appraisers, accountants and other financial professionals to review and value the assets owned by the couple. This can be a complicated and lengthy process and we can help ensure you understand what is happening and explain the various outcomes.
There are numerous factors that will go into determining the final property division in a divorce. We understand your financial security is typically tied to the property you owned during marriage and losing significant assets will impact you negatively. At Biederstadt Law, P.C. we help residents all over the state of Illinois deal with property division matters after a divorce. Contact our Chicago, Illinois office today and set up an appointment. We will carefully review everything and help you decide the best way to proceed.