You may have to settle financial issues during your divorce. It includes agreements for your daily living expenses (maintenance) and the way to divide the assets.
Financial disclosure
Your ex-partner is required to give full and open disclosure' about their financial situation. This includes the bank account, loans and superannuation funds, as well as investments, trusts or assets of the company.
Matrimonial assets
When a couple goes through divorce, property must be divided. The question of what constitutes joint and separate property is a key factor in the financial settlement. This can be particularly crucial when dealing with large amounts of assets.
Your marital assets built up with your spouse throughout marriage are considered the joint property. Similar to other states Illinois judges must consider a variety of factors when dividing the marital property. They include the duration of the marriage, the worth of the assets and the amount each of them contributes to their accumulation. The court may also take into consideration by the courts the amount of debts incurred during the wedding.
Non-marital assets are those which you have owned prior to the date of your marriage or received as a gift or inheritance from a third party. It is possible to keep your own property but aren't permitted to combine it with marital property. If you are able to add a marital amount to the separate property, in the future, and then utilize that combined property for reasons related to marriage for example, like purchasing property, the court can make it a marital asset and divide it with the soon-to-be ex-spouse.
Additionally, the increase in the value of an individual property can turn it to marital assets. If you own a stock that you bought before your wedding, and you then invested it in a mutual fund you and your spouse worked hard to increase your investment, then it may be subject to an equitable distribution in the event divorce.
Separate property may also be considered marital property if you exchange the property for another asset or services that are judged by the judge to be comparable in value. If you were given a vacation home in exchange for a job performed by your spouse or you, it can be considered to be part of the marital estate.
This is a complex situation. It is essential to disclose all of your assets and liabilities to the court in order for it to arrive at an accurate value. You may agree to valuations, however, the court is obliged under law to render any decision on this information.
How much do you think of appreciation to come in the future for an asset?
Though it may appear contrary to reason, the judge also takes into account the possible value of an property when deciding how the asset should be split. An original piece of artwork, for instance, may have a value of $500 at present However, an expert appraiser could believe it to be valuable in the future. In order to decide on an equitable distribution, the court would be required to assess this financial settlement value in relation with the value of other assets or services.
The separation of debts and assets is not connected with marital sexism like adultery or abuse. The division of assets is more about the economics of it rather than marital disputes. It's important to talk the financial issues with your spouse in case of mistakes that occurred during your relationship. This can allow the court to take that into consideration when deciding on the settlement.