You may have deal with a financial problem during your divorce. It involves the division of property and making arrangements for daily expenses of living (maintenance).
Financial disclosure
Ex-partners are required to make "full and transparent disclosure" about his or her financial situation. This includes bank accounts, Superannuation, loans and investments and trust assets or company assets.
Matrimonial assets
Assets have to be divided when the couple gets divorced. It is important to determine what property is separated from marital property could be the difference in a financial settlement. This can be particularly crucial for people with substantial amounts of assets.
Marital assets include those you and your spouse accumulated in the course of your wedding. In the same way as other states, Illinois judges must look at a range of variables when dividing the marital property. The court has to take into account the duration of the marriage and the worth of the assets along with the contributions from both partners to the accumulation. A court could also look at the amount of debt that was contracted in the process of marriage.
The non-marital property is anything you owned prior to the date of your wedding or received from someone else as a present or inheritance. Although you are able to keep the property you own as separate and assets, you can't combine them and marital assets. If you are able to add a marital amount to the separate property, in the future, and then utilize that joint property to fulfill an intended marital use, such as purchasing a home, the court can consider it marital property and share it with the soon-to-be ex-spouse.
Furthermore, the growth of the value of a distinct property asset can transform it to marital assets. If you have stock you purchased before the wedding that you later invested in a mutual fund both you and the other spouse worked hard to increase your investment, then it may become subject to equitable distribution in the event of divorce.
If financial settlement you sell an asset or services that the court deems as being equivalent in value, the property can be included in your marital estate. If you have received a vacation home in exchange for a job performed by your spouse or you, it can be considered an asset of marital property.
This can be a very complex situation. You must disclose all the assets and liabilities you have to the court to determine an accurate estimate. If you agree with a valuation, but the court is obliged under law to render an assessment based upon that data.
What is the worth of appreciation to come in the future for the asset?
Though it could seem contradictory it is true that courts examine the future value of an asset when the decision is made on how to allocate it. Original artwork may be only worth $500 but an appraiser may believe it's worth much greater. To determine an equitable allocation, the court will require weighing this value in relation with other items or services.
The separation of debts and assets does not have anything to do with the marital sins like adultery or abuse. The division of assets is more about economics as opposed to marital problems. It is essential to discuss with your spouse the possibility of financial misconduct during the relationship. This allows the court to take that into consideration while deciding the settlement.