If you and your spouse have a combined net income of $1 million or more, then you are considered high net individuals. With this, many of the high-value assets that you worked hard to earn are at stake if you and your spouse decide to divorce. Continue reading to learn what assets will be divided in your high net worth divorce and how an experienced Peoria divorce lawyer or Pekin divorce lawyer of Butler, Giraudo & Meister, P.C., can help you in protecting yours.
What assets are divided in my Peoria County high net worth divorce?
Asset division can get complicated when there are many complex assets and financial interests at hand. Examples of assets you may have that may be divided in your high net worth divorce include the following:
- Your real estate properties: your family home, investment properties, vacation properties, income properties, etc.
- Your business ownership interests: your family-owned businesses, solely-owned businesses, etc.
- Your investments: your stocks, bonds, debentures, etc.
- Your deferred income: your stock options, retirement plans, etc.
On top of this, your high-value personal items may be divided in your high net worth divorce. Examples of such include the following:
- Your designer items: clothing, shoes, purses, etc.
- Your expensive jewelry: engagement ring, wedding band, etc.
- Your antiques: furniture, fine china, etc.
- Your collectibles: artwork, coins, stamps, etc.
How can I keep my assets in my Pekin County divorce?
It is important to note that your complex assets will only be divided if they are deemed to be marital assets. For specifics, your assets are considered marital assets if they were purchased while you were married and/or with your joint credit card/bank account. This means that your assets are considered separate assets if they were purchased before you were married or if they were inherited, gifted by a third party, or gifted by your spouse via a separate source of funding.
That said, Illinois is an equitable distribution state that will order a judge to divide up your marital assets in a way that is fair and just. Notably, they will divide up your separate assets. So to protect your complex assets, you must prove to a judge that they are considered separate assets. For example, this can be done with a receipt that includes the date and credit cards used to purchase the asset. Or, this can be done with a dated photo that shows the asset in your possession before your marriage.
We understand just how difficult this time is. This is why we recommend that you do not go through this alone but with a lawyer who has experience in this type of divorce. As soon as you can, retain the services of a skilled Morton divorce lawyer.