Once a couple in Illinois reaches the conclusion that a divorce is in their best interests, there are multiple other decisions that must follow. The process of untangling two lives can be complicated, especially for those going through a high asset divorce. Fortunately, there are steps to take that can help ensure that the property division aspect, among others, goes smoothly.
One of the most important parts of a divorce involving complex assets is carefully cataloguing all assets. This can include obvious ones, such as real estate and vehicles, but should also include any personal property with value, such as guns, collectibles, artwork and jewelry. Part of this process also includes determining what is community property versus separate property. Assets that one spouse had prior to the marriage or inherited during the marriage will likely be considered separate property; however, appreciation value could be considered community property.
One of the most important ways to protect oneself during a divorce — especially one involving a great deal of assets — is seeking counsel from an experienced family law attorney. Even if one person has closed all joint accounts, attorney costs can be paid with community property. If one spouse does not work, the other may be required to pay for the former’s legal fees.
Because family laws vary by state, hiring an experienced attorney can ensure that a person going through a high asset divorce in Illinois has a knowledgeable professional by their side. Such a professional can help clients discover all assets subject to division. Often, having such a person on their side can help those seeking the next stage of their lives make the decisions that could ultimately have a major impact on their future.