Divorce can be incredibly stressful. You have financial matters to hammer out, decisions to make together, and more. If there are children involved, things become even more complex. However, one thing that many people don’t think much about is the division of their marital assets. This can be an enormous source of stress and strife, but knowing a few things before going through the divorce can make it a bit easier to handle. Of course, working with an experienced Palatine asset division attorney can also simplify matters.
What Are Marital Assets?
Marital assets are anything that you and your spouse own together. This can include any asset that has been purchased or over which you have gained ownership during the marriage. That includes some obvious things like your home, your car, boats, vacation homes and the like, but it can include some other things, such as:
- Retirement accounts
- Stock options
- Life insurance policies
- Brokerage accounts
The Possibility of Hidden Assets
No one wants to think it of their spouse, but there is the potential for some assets to be hidden. Many people have gone through a divorce, only to find that their husband or wife had secret bank accounts with money that they never knew about. These assets, while you might not be aware of them, are as much yours as those openly held in the marriage. Of course, proving their existence can be very difficult, and will require the expertise of a Palatine asset division attorney.
How Are Assets Divided?
Generally speaking, assets are divided equally between the spouses whenever possible, but that’s not as simple as it sounds. There are quite a few mitigating factors that may be at play here, including the source of some assets, the length of your marriage, and even your mental health and that of your spouse. Tax considerations also play a role. Then there is the fact that high-asset divorces can be even more complicated.
As you can see, asset division is not particularly simple or straightforward. However, it’s vital that it be done equitably. To learn more about how we at the Law Office of Fedor Kozlov, P.C. ,we look forward to guiding you through this difficult process.