Potential Complex Financial Issues in an Illinois Divorce

 Posted on August 15,2023 in Divorce

Several complex financial issues may arise in an Illinois divorce that requires careful consideration and resolution. These issues often go beyond the basis division of assets and involve factors such as valuation, taxation, and ongoing financial obligations. Today, we will shed light on some common examples of complex financial issues that may be relevant in an Illinois divorce. For assistance navigating the complex financial issues that divorce sometimes entails, contact a seasoned divorce lawyer to ensure you can make well-informed decisions throughout the divorce process.

Business Valuations

Determining its value becomes a crucial financial issue when one or both spouses own a business. Properly valuing a business requires proficiency in business valuation, considering factors such as financial statements, assets, liabilities, and future earning potential. This valuation is necessary to ensure an equitable division of the marital estate and the potential distribution of the business itself.

Hidden or Previously Undisclosed Assets

One especially tricky situation that can be equally contentious as it is complex is the suspicion or discovery of hidden or undisclosed assets. Parties may attempt to conceal assets through various means, such as creating secret bank accounts, false debts, or transferring assets to third parties. Uncovering hidden assets often requires forensic accounting skills, financial investigations, and court orders for full financial disclosure.

Complex Asset Division

High-value assets like real estate, investment portfolios, retirement accounts, and pensions can complicate the division process. Determining these assets' marital and non-marital characterization, understanding tax implications, and evaluating long-term financial impact are important. Professional assistance from financial advisors and forensic accountants can be invaluable in navigating these complexities.

Spousal Support Considerations

A common misconception regarding spousal support is that it is a factor in every divorce. However, this is false. Spousal support is only a factor if it is deemed necessary by the court. Furthermore, considerations for whether spousal support will or will not be a factor in a divorce may include how long the couple was married, the contributions made by each spouse to the marriage, the age and health of the individuals involved, and more. If it is deemed that spousal support will be a factor in your divorce, calculating appropriate amounts and duration will likely require financial analysis and professional testimony.

Contact a Chicago Divorce Lawyer

If you are concerned about the financial complexities that may be a factor in your divorce, contact the Skokie divorce attorney with The Law Offices of Curtis Bennett Ross, L.L.C.. Call 312-984-1514 for a free consultation.

Source - https://www.forbes.com/sites/forbesfinancecouncil/2022/10/20/the-financial-impact-of-divorce/?sh=434af7a319e5