There is a chance that you will have to settle financial issues as part of your divorce. This includes arrangements for daily life expenses (maintenance) and the way to divide your assets.
Financial disclosure
Your former partner is required to provide a 'full and honest disclosure' about the financial status of their relationship. The list includes bank accounts the superannuation, loan and investment in addition to trust assets or assets belonging to companies.
Matrimonial assets
Assets must be divided when the financial settlement couple splits. What is marital and what is separate property could be the difference in an agreement on financial matters. This is crucial for individuals with substantial assets.
Your marital assets amassed with your spouse over the course of wedding are considered the joint property. In Illinois, as in most states, a judge must look at a number of aspects in the division of the marital property. This includes the length of the marriage, the value of the assets and the amount each of them contributes to their accumulation. Also, it is taken into consideration by the courts in determining the obligations incurred in the wedding.
Non-marital assets are those you owned prior to the date of marriage, or that you received as a gift or inheritance from someone else. If you want to retain your ownership of separate property and assets, you can't combine them in conjunction with your spouse's property. If you add any marital property to your property that is separate and later use the joint property to fulfill an intended marital use, such as purchasing an apartment, the court can declare it to be marital property and share it with your soon-to-be ex-spouse.
The growth of an asset which was once separate could also be converted into marital assets. As an example, if you owned a share of stock before the wedding and then put into a mutual fund that you and your spouse worked to grow the value of, it might be an equitable division asset during a divorce.
Separate property could also turn into marital property, if you swap it for other assets or services that are deemed by the courts to be equivalent in value. The court may also include a property for vacation in the marital estate if you received it as a reward for your efforts or those of your spouse.
It can be a complicated situation. In order for the court to determine an accurate fair value that is fair, you have to give a complete details of your assets as well as assets and liabilities. The court can take a decision on your disclosures, or it may agree with the value you provide.
What's the significance of appreciation to come in the future for the investment?
Though it could seem contradictory, the court will also consider the potential value of an asset while the decision is made on how to allocate the asset. A piece of original artwork could be worth only 500 dollars, however an appraiser might believe it's worth more. To determine an equitable allocation, the court will require weighing this value in relation with the value of other assets or services.
It is crucial to remember that separating assets and debts does not directly relate to marital fault, such as sexual infidelity or abuse. Separation of assets is more about the economics of it as opposed to marital problems. It is important to discuss your partner any financial violations during your union. It will enable the court to take this into consideration when deciding on the settlement.