When two people marry, many of their possessions change from “yours” and “mine” into “ours.” Couples may share a home, vehicles, property, bank accounts, and more. When a married couple gets divorced, deciding which spouse should retain which assets can be quite difficult. There are many factors that can complicate the already complex process of property division. If you are planning to divorce and need help with asset division, contact an experienced family law attorney.
Illinois couples have the option to make their own decisions regarding the division of the marital estate. However, couples who disagree about asset division may require court intervention. If a couple owns complex or high-value assets, it is likely that the process of property division will be much more involved. Assets which can complicate the property division process include but are not limited to:
- Family businesses
- Stocks, bonds, and other investments
- inheritances or gifts
- Real estate
- Pensions and 401ks
- Deferred compensation
- Executive bonuses
- Offshore accounts
Duration of Marriage and Age of Spouses
You may be surprised to learn that the divorce rate for people over 50 years of age has doubled since 1990. More and more older Americans are getting divorced. Many individuals over the age of 50 have accumulated a significant amount of money in a term life insurance, 401k plan, or retirement account. They may also be receiving Social Security benefits. The duration of a marriage can influence several aspects of divorce as well including asset division, child custody, child support, spousal maintenance, and more. When a marriage of 20 years or more ends, the process of untangling the spouses’ intertwined financial lives can be especially difficult.
Property or funds which are wasted near the end of a marriage are referred to as “dissipated assets.” Examples of dissipated assets can include funds lost to gambling or drug addiction, money spent on a secret affair, and property which was destroyed by another spouse in an act of retaliation. In order to be considered dissipation, the frivolous spending must be “for the sole benefit of one spouse and for a purpose unrelated to the marriage.” Furthermore, the spending must take place “when the marriage is undergoing an irreconcilable breakdown.” Generally, an “irreconcilable breakdown” refers to the time when a couple stops making attempts at reconciliation. If you and your legal team can prove that your spouse dissipated significant assets, you may be given a larger share of the marital estate to compensate for the lost property or funds.
Contact a St. Charles Property Division Lawyer
If you are getting divorced and have questions about property division, contact Shaw Family Law, P.C. to get the answers you need. Schedule a free, confidential consultation with a knowledgeable Kane County divorce attorney by calling us at 630-584-5550 today....