There may be a need deal with a financial problem as part of your divorce. It involves the division of assets and arranging for the regular expenses of life (maintenance).
Financial disclosure
Your former partner is required to financial settlement give full and open disclosure' about the financial status of their relationship. It includes bank accounts, the superannuation, loan and investment and assets of trust or corporate assets.
Matrimonial assets
The assets must be divided when a couple divorces. What constitutes to be marital property and what is not will be crucial for a satisfactory financial settlement. It is especially important to individuals with substantial assets.
The marital assets that you've amassed with your spouse over the course of the course of your marriage is considered jointly owned property. In Illinois similar to other states, a judge must look at a number of aspects in the division of the marital property. The court has to take into account the length of the marriage and the worth of the assets as well as the contributions of each party to the accumulation. Also, it is taken into account by the court in determining the obligations incurred within the marriage.
The property that is not marital that you had before the wedding, or was given to you by an individual as a present or inheritance. You can keep your separate property but aren't permitted to blend it with marital assets. If you apply any marital property in your separate property and then use that commingled property for reasons related to marriage like buying property, the court will declare it to be marital property and share it with your soon-to-be ex-spouse.
The value of an asset that was previously a separate asset can become marital assets. If you have stock you bought before your wedding, that you later invested in a mutual fund both of you as well as the other spouse worked hard to increase the value of, it could become subject to equitable division in case divorce.
Separate property is also marital property if it is exchanged it in exchange for assets or services that are judged by the courts to be equivalent in value. The court may also include a holiday home in your marital property in case you have received the property as a reward for your efforts or those of your spouse.
This could be a difficult situation. You have to declare all your liabilities and assets to the court to determine an accurate value. The court can determine a value based upon your disclosures and may also agree with the valuation you have provided.
How much is the potential worth of a certain asset?
While it may seem counterintuitive however, courts will take into consideration the possible future worth of an asset before choosing how to divide the asset. The original art work might be valued at $500. However, an appraiser might believe the piece is worth greater. The judge must evaluate this worth against other assets and services being available to come to a the appropriate decision regarding equitable distribution.
The division of debts and assets is not connected with marital sexism such as adultery or abuse. Indeed, the separation of the assets have a lot more to do with economic problems than any issues that may arise during your union. For this reason, it is very important that you and your spouse discuss any economic misconduct that might have taken place during your marriage to ensure that the court may take this into account when making a decision regarding the settlement of financial assets.