You may have resolve a financial issue during your divorce. This includes arrangements for daily costs of living (maintenance) as well as how you divide the assets.
Financial disclosure
Ex-partners must provide "full and transparent public disclosure" concerning his or her financial situation. This includes bank accounts, investment, loans, and superannuation along with trust assets or assets belonging to companies.
Matrimonial assets
When a couple gets divorce, their assets have to be split. The issue of what is the marital property and what is considered separate assets can be the deciding factor in the financial settlement. This can be particularly crucial for people with substantial amounts of assets.
Marital assets include those you and your spouse accumulated over the course of union. In Illinois, as in most states, a court must look at a number of aspects in the financial settlement division of marital assets. They include the duration of your marriage, the amount of the assets and the contributions of each spouse in their accumulation. In addition, the court may be able to consider any debt which was paid during the marriage.
Non-marital property includes anything you owned prior to the date of your wedding day or that you received from somebody else in exchange for a present or inheritance. You can continue to enjoy the property you own as separate and assets, you can't combine them together with property belonging to your marital partner. The law allows you to consider having marital property if you combine your separate and marital property and utilize them for marital purposes including buying a home.
Also, the rise in value of a different property asset can transform it into marital property. If you've bought a piece of stock purchased prior to your wedding and you then invested it into a mutual fund that you and your spouse have worked to raise the value of, it could be the subject of an equitable distribution in the event divorce.
Separate property is also marital property if it is exchanged the property for another asset or services that are deemed by the courts to be of equal value. The court may also include a property for vacation in the marital property if you got it as a reward or incentive for your hard work, or the efforts of your spouse.
You can see, it can be a bit complicated. You must disclose all your liabilities and assets to the court in order for them to calculate an accurate estimate. The court may make a decision based on the information provided by you and may also agree with the value you provide.
What's the significance of appreciation to come in the future for the asset?
Though it may appear contrary to the logic of things, the court is also considering the possibilities of the value of an object when deciding the way the asset should be split. Original artwork may be only worth 500 dollars, however an appraiser might believe it is worth greater. The court will have to weigh this amount against other assets and services being made available in order to reach a a decision about equitable distribution.
The division of debts and assets does not have anything to do with the marital sins like adultery or abuse. Separation of assets involves more of economics than any marital issues. It is crucial to have your spouse and you be open about any mishaps in the economy that might have taken place within the marriage in order that the court can take this into account when making a decision about the financial settlement.