Getting a divorce can be a difficult process, regardless of the situation surrounding the end of a couple's marriage. However, there are some issues that can complicate the divorce process, and if they are not handled correctly, a case can become much longer, more drawn-out, and more expensive. Financial concerns related to the division of marital property can often lead to contentious disputes, and this is especially true in situations involving business ownership. Whether divorcing spouses own a business together, a spouse owned a business before getting married, either spouse has an ownership share in a family business, or a couple owns multiple types of business interests, it is important to understand how these assets will be addressed during the divorce process.

The law firm of Weiss-Kunz & Oliver, LLC provides experienced, dedicated representation during complex divorce cases. We understand the challenges that can arise when dividing business interests during divorce, and we work diligently to protect the rights and interests of our clients throughout the divorce process. We can work with financial experts to ensure that business assets are valued properly, and we will advise our clients on the solutions that will protect their financial interests going forward.

When Do Business Interests Need to Be Addressed During a Divorce?

When it comes to dividing business assets and other types of property during the divorce process, the first step is to determine which assets are considered marital property and which are separate property. Generally speaking, any asset acquired during the marriage is considered marital property, while assets that were acquired before the marriage or after the date of a legal separation are considered separate property. 

During a divorce, there are a multitude of financial issues that will need to be addressed. Many of these are related to the property and assets a couple owns, as well as the debts they owe. The division of marital property can be a complicated matter, especially in high net worth divorce cases in which a couple may own multiple types of valuable property ranging from physical belongings, real estate, and vehicles to financial assets such as investments and business interests. In some cases, the process of evaluating and dividing marital assets can become more difficult due to attempts by one spouse to hide assets from the other and unfairly influence the outcome of their divorce.

Concealed assets can be a difficult matter to address during a divorce, and in many cases, a spouse may struggle to identify the different types of property they own, uncover inappropriate actions by the other party, and ensure that all assets and debts will be divided fairly and equitably. The skilled divorce lawyers of Weiss-Kunz & Oliver, LLC have represented clients in a wide variety of divorce cases, and we understand the complex factors that can influence the division of marital assets. We know how to identify assets that have been concealed and ensure that these issues will be addressed correctly. Our goal is to ensure that our clients can achieve a fair outcome to their divorces that will provide them with the financial resources they need to succeed in the future.

Reasons Why Spouses May Attempt to Hide Assets

In many cases, divorcing spouses recognize that as they separate their lives from each other, they are both entitled to equally share the property they have accumulated. However, the divorce process often involves conflict, and the breakdown of a couple’s relationship can lead to disputes about how property should be divided and whether one party is entitled to receive certain assets. These disputes can lead spouses to take actions outside of the legal process, and by concealing assets from their spouse, a person may seek to influence the outcome of their property settlement. 

Marriages can break down for a variety of reasons, but once a couple chooses to pursue a divorce, they will often be looking to make a clean break, separate their lives from each other, and determine how they can move forward successfully. However, this is not always easy, especially when a couple needs to address complex financial issues related to the assets they own and other financial resources that are available to them. During the property division process, spouses may need to determine how to handle multiple types of complex assets, including retirement accounts and benefits. It is crucial to address these matters correctly, since retaining ownership of these assets will ensure that a person will have the financial resources they need later in life.

To ensure that your rights and financial interests will be protected during your divorce, it is essential to secure representation from a qualified and experienced attorney. At Weiss-Kunz & Oliver, LLC, we regularly represent clients in complex divorce cases involving multiple different types of financial assets, as well as other issues that may lead to contentious disputes between spouses, such as child custody or spousal maintenance. With our strong knowledge of the divorce laws in Illinois, the best ways to handle different types of financial assets, and the methods that can be used to resolve disputes, we are prepared to protect your interests and help you find solutions that will allow you to succeed after your marriage has ended.

Types of Retirement Savings Accounts That May Need to Be Considered

There are multiple types of retirement accounts that may need to be considered during the divorce process. These fall into two general categories: qualified plans and non-qualified plans. Qualified plans are covered by the Employee Retirement Income Security Act (ERISA), and they include 401(k) accounts, 403(b) plans, and other tax-deferred retirement plans that are provided to employees as benefits by their employers. Non-qualified plans are not eligible for tax-deferred benefits under ERISA, and they may include individual retirement accounts (IRAs), simplified employee pensions (SEPs), and deferred compensation plans.

Some divorce cases may be relatively simple. If a couple does not own extensive assets, and if they are in agreement on how various issues related to the end of their marriage will be addressed, they may be able to complete an uncontested divorce fairly quickly. However, many divorces will involve complex issues that are not so easy to resolve. Disagreements between spouses can easily become contentious, especially when spouses have difficulty communicating effectively or cooperating with each other. Matters related to the division of marital property can be some of the more complex issues that divorcing spouses will need to address. By understanding property-related issues that can complicate the divorce process, a person can make sure they will be able to protect their financial interests as they work to end their marriage.

The attorneys of Weiss-Kunz & Oliver, LLC have represented clients in a wide variety of complex divorce cases, and we understand the legal and financial issues that can affect divorcing spouses. With our experience in matters related to high net worth divorce, we can ensure that all factors related to the income earned by both spouses and the property they own together and separately will be considered correctly. Our goal is to help our clients complete the divorce process in a way that will allow them to move forward successfully and maintain financial stability in the years to come.

Addressing Commingling of Property

Before a couple can begin making decisions about how property will be divided, they will need to determine whether certain assets are considered to be marital property. Generally, marital property, which includes all assets and debts acquired after a couple became married and before a legal separation, will need to be divided. Separate property, which may include assets owned by a spouse before getting married or items excluded from the marital estate by a prenuptial or postnuptial agreement, will not need to be divided, and the spouse who originally acquired these assets will be able to retain ownership.

If you are preparing to get married, you will have a lot to consider as you plan for your life together with your future spouse. When there are many different issues related to your wedding that you will need to address, as well as plans for changes to your life as you combine your finances and prepare to live together, the possibility of a divorce is likely to be the last thing on your mind. Even if the idea that your marriage may not last may be unthinkable, you should still consider this possibility and make plans for how you and your partner will handle matters if you do choose to get divorced in the future. You can do so by creating a prenuptial agreement, and even if divorce never becomes an issue, this type of agreement can benefit you and your spouse in other ways as well.

Prenuptial agreements in Illinois are governed by the Uniform Premarital Agreement Act. Illinois law uses the phrase "premarital agreement" but the term prenuptial agreement is still sometimes used informally. 

As you consider how to address legal and financial issues as you prepare to get married and determine the best ways to protect yourself, Weiss-Kunz & Oliver, LLC can provide invaluable legal help. We will make sure you understand your rights and options, and we will work with you to negotiate an agreement that will fit your unique situation. With our help, you can make sure both you and your partner fully understand the issues you plan to address, the decisions you make, and the benefits a prenuptial agreement can provide to you throughout your marriage.