Going through a divorce in Illinois will require all marital property to be accurately classified and divided according to the theory of equitable distribution. Yet certain types of property can pose complications, and it can be necessary to take additional steps to determine how particular assets should be classified and valued. Indeed, dividing valuable and unique collections in a divorce can result in complexities that may require assistance from expert appraisers in addition to in-depth investigations to determine whether the property should be classified as a separate or marital asset. Valuable and unique collections can range from art and rare book collections to antique jewelry and furniture in the couple’s home.

Our DuPage County property division attorneys want to provide you with some of the information you will need as you consider the divorce process and the division of distinctive collections or collectible assets that may be classified as marital property under the Illinois Marriage and Dissolution of Marriage Act (IMDMA).

How Will the Assets Be Classified?

In order for any assets to be divided in a divorce by a DuPage County court, those assets must be classified as marital (as opposed to separate, or non-marital) property. When it comes to items in a valuable collection, one or both spouses might be hesitant to divide the collection, particularly when it has more value as a whole. Accordingly, one of the spouses might attempt to argue that the objects should be classified as separate property and should not be divided in the divorce. To be classified as separate property, one of the following usually must be true of the assets:

When you are in the process of getting divorced in Oakbrook Terrace or elsewhere in DuPage County, it is important to understand how the process of property division works and when the spouses can play a role in determining how property gets divided. As you may know, Illinois courts divide marital property based on a theory of equitable distribution. This means that property is divided in a way that the court determines to be fair and equitable to both parties. In deciding what is fair and equitable, the court takes into account many different factors that are listed in the Illinois Marriage and Dissolution of Marriage Act (IMDMA). Of course, when there is an enforceable premarital agreement or postnuptial agreement that specifies how property will be distributed, courts will use the terms in those agreements.

Yet many spouses have questions about “property settlements,” and whether they are able to play a role in deciding how their property gets divided even if there is no premarital or postnuptial agreement. In other words, can the parties work out a system for dividing marital property without the court doing it for them? In short, the answer is yes. The IMDMA has a specific section on “agreement” between the parties, and we want to be clear about how it can allow for a property division agreement. In the meantime, an experienced Oakbrook Terrace divorce lawyer at our firm can help with any questions you have.

Coming to an Agreement About Property Under the IMDMA

If you and your spouse want to negotiate a property settlement, the IMDMA allows you to do so. Whenever you are negotiating about the division of marital property, it is important to have an experienced DuPage County divorce attorney to advocate for your rights and needs. In the agreement, the parties are permitted to create provisions for the disposition of any and all marital property. However, there are some requirements and limitations under the IMDMA:

Whether you are in the early stages of considering divorce or already have filed, it may be time to consider working with a forensic accountant who can assist with asset division. Financial issues often are among the most contentious ones in any DuPage County divorce case, and financial matters can be especially complicated and controversial in high net worth divorces where there are complex assets that will need to be identified, classified, and potentially distributed between the spouses. In some of the most difficult cases, one of the spouses is the primary breadwinner and goes to great lengths to hide marital assets in order to prevent them from being divided in the divorce.

No matter what your financial situation, a forensic accountant may be able to work with your DuPage County divorce lawyer to help with your case.

What Does a Forensic Accountant Do?

If you have never worked with a forensic accountant before and do not usually handle complex financial matters, thinking about hiring a forensic accountant can feel puzzling. You might be asking yourself: what does a forensic accountant do, and do I really need to hire one? According to a publication from the American Bar Association (ABA), more people should work with forensic accountants in their divorces given the benefits.

Filing for divorce in DuPage County can be complicated and frustrating when you do not have the help of an experienced lawyer on your side, especially when it comes to the division of marital property. One of the most contentious issues in divorces is property division. Under Part V of the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property is divided according to a theory of division known as equitable distribution. This means that all marital property will be divided in a way that the court considers fair—but not necessarily equal—to both parties.

Yet in order to understand how the equitable distribution of marital property might work, it is essential to understand how the court classifies marital property.

Marital Versus Non-Marital Property in Illinois

When you are served with divorce papers in DuPage County, you are likely to have many questions about the next stages of the Illinois divorce process and how they will impact you. Whenever you are going through a divorce, it is extremely important to have an experienced DuPage County divorce attorney on your side. At Farooqi & Husain Law Office, we have years of experience helping members of the Muslim community in Oakbrook Terrace and surrounding areas, and we can speak with you about your case today.

In the meantime, it is a good idea to have a basic understanding of the steps that will follow after you have been served with divorce papers in Illinois.

Filing a Written Response to the Petition for Divorce