If you are going through a divorce or dissolution, you could require an agreement on financial matters. It includes dividing your assets and arranging for the regular expenses of life (maintenance).
Financial disclosure
Your former partner is required to make 'full and frank disclosure' about their financial situation. This includes bank accounts, loan, superannuation and investments along with assets of trust or corporate assets.
Matrimonial assets
The assets must be divided when couples divorce. The question of what constitutes the marital property and what is considered separate assets can be the deciding factor in the financial settlement. It's particularly crucial to those who have significant assets.
Marital assets refer to the ones that both of you have accumulated as a couple during your marriage. In the same way as other states, Illinois courts must consider a variety of factors for the division of the marital property. The court has to take into account the length of the marriage and the worth of the assets and also the contribution by both spouses to the accumulation. A court could also take into account what amount of debt which was paid as a result of the marriage.
Non-marital assets refer to those you own prior to the date of marriage, or that you received as inheritance or as a gift from someone else. You can keep your separate property, but you're not permitted to mix it up with any marital assets. You could be considered being married if you join your separate and marital assets and make use of the assets for marital reasons including buying a home.
Also, the rise in the value of an individual property may transform it into marital property. If you have stock you purchased before the wedding and then you invested it into mutual funds both you and the other spouse fought hard for your investment, then it may become subject to equitable distribution in the event of divorce.
Separate property is also marital property, if you swap it with other property or services that are judged by the courts to be comparable in value. A vacation house in the marital estate if you received it as a reward or incentive for your hard work, or the efforts of your spouse.
This could be a complicated scenario. In order for a judge to establish an accurate and fair price the client must give full details of your assets as well as assets and liabilities. It is possible to agree on a valuation, but the court must be required by law to make an appropriate decision based on the data.
What's the significance of appreciation to come in the future for the investment?
Though it may appear contrary to the logic of things, the court will also take financial settlement into consideration the potential value of a particular asset in determining how it will be distributed. Original artwork could be worth only $500. However, an appraiser might believe it's worth much more. The court will have to weigh this worth against different assets and services made available in order to reach a an equitable distribution decision.
The separation of debts and assets does not have anything to do with marital crimes like abuse or adultery. Indeed, the separation of wealth has more to do with financial problems than anything that might occur during your union. Therefore, it is very important for you and your spouse discuss any economic misconduct which may have occurred within the marriage in order that the court may consider this when making a decision about the financial settlement.