Factors That Can Complicate the Property Division Process During Your Divorce

 Posted on June 15,2021 in Family Law

When a person gets married, “yours” and “mine” becomes “ours.” Unfortunately, untangling property and debt during a divorce is often one of the most complicated and contentious aspects of the divorce process. Many divorcing couples assume that they can easily divide assets on their own. Armed with a calculator and a cooperative attitude, they begin allocating property only to realize that the process is much more complex than they realized it would be. If you are getting divorced and any of the following factors are involved, you may need professional legal assistance to divide your property during divorce.

Owning Hard-to-Value Assets or Property with Fluctuating Value

Whether you are negotiating an out-of-court property division arrangement or your divorce case goes to court, property cannot be distributed to the spouses without accurately valuing the property. Some assets are much easier to value than others. Determining an accurate value for antiques and collectibles, for example, can be very difficult without a professional appraisal.

Other assets are difficult to value because the value of the asset changes over time. The value of stocks and investments can change on a daily basis.  Pensions and other defined benefit retirement plans typically increase in value over time. A divorce lawyer experienced in complex property division issues like these can help you determine the best way to value and divide complicated assets during your divorce.

Business Ownership and Professional Practices

If you own a business or professional practice, you may assume that the business or professional practice belongs to you alone. However, there are many situations in which businesses and professional practices are classified as part of the marital estate. If you started the business during the marriage or if your spouse contributed to the growth of the business, he or she may also be entitled to a portion of the business’s value during divorce.

Having Substantial Debts

The term “property division” or “division of assets” also refers to the division of marital debts. Like property, any debts that were acquired during the marriage by either spouse are jointly held by both spouses. Furthermore, most creditors are not bound by divorce decrees. This means that it is possible for creditors to pursue payment from you for assets that your spouse purchased – even after you are divorced! If you or your spouse have accumulated credit card debts, car loans, or other debts during the marriage, make sure to speak with a lawyer for guidance.

Contact a Wheaton Property Division Lawyer

If you are getting divorced, you and your spouse will need to determine how to value and equitably divide jointly-held assets and debts. Contact a DuPage County divorce attorney from NN Legal Group for help. Call our office at 630-474-0925 today for a free consultation.

Source:

https://www.forbes.com/advisor/credit-cards/how-to-untangle-joint-credit-card-debt-in-divorce/