Property Division Issues in a High Asset Illinois Divorce

 Posted on April 14, 2025 in High Asset Divorce

Every divorce case has unique factors that can influence the outcome, but property division is more complicated in high-asset divorces. Without meticulous analysis and the assistance of an experienced Illinois high-asset divorce attorney, you risk undervaluing assets or accepting an unfair agreement. Consider these challenging elements that are common to high-value divorces before speaking with a legal representative.

Investments and Stock Options

Illinois follows the rule of "equitable distribution" of assets and debts in a divorce, dividing property as fairly and justly as possible. Individuals and couples with a high net worth tend to have investments and stocks, and these assets can be subject to division if they are marital property, which generally means they were earned during the marriage.

Unlike a simpler asset, such as cash, stock options are sometimes harder to divide because of vesting schedules and transfer restrictions. Additionally, transferring or selling stocks can have tax implications that could change their value.

Disputes About Business Ownership

Property acquired before the marriage or by gift or legacy is considered separate property under Illinois law. Statute 750 ILCS 5/503(d) states that any separate property will be retained by the spouse who owns it. For purposes of dividing a business, however, this can be more complex. Factors that determine whether a business may be considered marital rather than separate property include:

• Did you own the business before marriage? 

• What contributions were made to the business during the marriage?

• Were any business interests obtained during the marriage but purchased with assets that would be considered separate property?

• Did your spouse contribute any personal effort to the business’s success?

Your unique circumstances will impact how business ownership is defined. For example, if you purchased a building for your business before your marriage, the building and any increase in its value would probably be non-marital. However, if your spouse contributed unpaid effort to the business, the law states that your spouse should be compensated accordingly.

Real Estate and Luxury Assets

Vacation homes, investment properties, collectibles, art, fine jewelry, luxury vehicles, and other high-value items are common in high-asset divorces. A thorough assessment and valuation of any items deemed marital property is necessary for equitable distribution. If you own such assets, you may need expert appraisals to protect your right to a fair settlement.

Hidden Assets

Forensic accountants are sometimes necessary to uncover hidden assets, like offshore accounts or unreported income. Forensic accountants will thoroughly review business records, public records, and other financial documents to track down unreported marital property. The process can be long and challenging, but a skilled attorney will manage the discovery process and ensure all assets are disclosed in accordance with Illinois law.

Contact a Lombard, IL High-Asset Divorce Attorney

At The Law Offices of Robert F. Kramer, Ltd., we have over 40 years of experience working with wealthy clients seeking divorce. These cases can be emotionally and financially challenging, which is why our DuPage County, IL high-asset divorce lawyers will help you navigate the arduous process with compassion. Call 630-785-2400 to schedule a free 30-minute initial consultation today.