People in Illinois who wish to make a commitment to each other but do not wish to get married can consider entering into a civil union. For some time, these agreements provided same-sex couples with the only opportunity they had to enjoy some sort of legalization of their relationships. Today, however, these couples can choose to get married yet may still feel that a civil union is the better option.
Part of the divorce process often involves property division, which can become complex in high-asset situations. At Lois Kulinsky & Associates, Ltd., we know that valuing a business owned by one or both spouses is an important part of determining marital assets. Our goal is to help ascertain the full and fair value of a company.
People who live in Illinois and face the prospect of divorce must struggle with many challenges. When unable to agree on how to stay married, the process of agreeing on how to divide assets is rarely easy either. Property division determinations can be very complex in today’s society. For many couples, homes and vehicles are far from the only assets to be considered. Retirement accounts, other investments and business assets all become part of the mix. Perhaps two of the most complicated forms of assets to value and divide are restricted stocks and stock options.
Most Illinois residents have either friends or family members that have gone through a divorce. They have also likely heard many stories of the hardships associated with this experience. Identifying marital property and non-marital property as part of an overall property division settlement alone can be hard. The added struggles associated with determining child custody, child support, spousal support and more only increases the potential for challenges to arise.
For couples in Lake County, and throughout the U.S., the asset and property division process can often be one of the most contentious aspects of settling a divorce. Going into negotiations for dividing marital property, it is not uncommon for one or both spouses to have an idea of what they want or feel they are entitled to. A difference of opinion on these issues, in addition to the emotions that are often at play at the end of a marriage, it can be difficult to convince parties to cooperate with each other and concede things when necessary.
In Lake County, as well as in other localities throughout the U.S., even the longest running couples may eventually decide that they no longer work together as a couple. While a couple can choose to simply separate and begin living apart, it is not made legal until the necessary documents are filed and approved by a family law court.
Ask anyone you know who has been through a divorce and you will no doubt get agreement from all that a divorce can be a very complex and emotionally draining experience. It can also be very financially challenging with one or both spouses losing some financial stability or assets. Dividing marital property is rarely easy but can be made simpler if a prenuptial agreement is in place.
Property division in a divorce is rarely a simple matter. Both parties are focused on an equitable division but may have different ideas as to what that actually means. There can be personal as well as business assets involved and some are easily quantifiable while others may not be. Simply put, dividing marital property is a complex matter.