Divorce and the Division of the High Value Assets and Debts

 Posted on May 16,2012 in Family Law

Divorce is not at all an easy thing to be dealt with. It can be both mentally and financially exhaustive. It is very much complex and tiresome a process. This is supposed to be true for both of the spouses. So, before you take the decision to renounce the marriage vows, think twice. It is such complex a situation that even the debt reduction strategies may not be able to help you do away with the debt problems, arising out of a divorce deal.

Division of high value assets

As per the divorce laws in Illinois, there is no such rule that is going to lead to a 50/50 division of the assets. This is mainly because, the state of Illinois does not fall under the community property states and thus, the division of the property and the assets based on these is not followed too. Illinois rather believes in the equitable distribution of properties in between the spouses if the question of divorce arises. So, the property and the assets can be distributed in any ratio like 30/70 or 40/60, 70/30, 10/90 and so on. There can even be situations in which all of the marital property gets handed over to only one spouse. Such cases are in general, settled either by the court or the spouses with the help of the attorneys.

In case of equitable distribution, actually the assets get distributed fairly. In case, one of the spouses was the only bread earner in the family, or rather the one who used to make the primary income, he or she is supposed to get the greater part of the assets. However, still under certain circumstances, he or she may be required by the court to share some parts of the income or the assets with the spouse.

In general, the distribution of the high value assets are supposed to include the division of the investments in the real estate market, the stock portfolios, and any other forms of assets that are like the closely held businesses, the retirement accounts or any other types of joint ventures made and also, if there are any overseas assets.

The best way to get these solved, is by reaching a settlement outside the court without creating much fuss on the same. If this is done, it is going to help you and also your spouse in avoiding stress and also incurring any debts.