Dividing marital assets during a divorce can be tricky. For couples with substantial wealth or high net worth, divorce often involves complex assets such as investments, stock options, savings for retirement, businesses, and professional practices, digital assets, and real estate. Even assets such as jewelry or artwork can present challenges when it comes to the valuation and division of these assets. Working with a skilled divorce lawyer experienced in complex financial issues is essential for these types of divorce cases.

Classifying, Valuing, and Dividing Marital Assets

During many divorces, a couple's assets are a combination of marital and non-marital assets. Any assets acquired before the marriage are non-marital assets, while assets acquired during the marriage are marital assets. However, classifying assets during divorce is rarely this straightforward, and numerous exceptions exist.

Once assets have been identified and classified, the spouses may need to have certain assets professionally appraised. For example, a business valuation expert may be required to correctly determine the value of a spouse’s business or professional practice. A professional appraiser may be needed to determine the worth of jewelry, fine art, or collectibles.

Many divorces in Illinois and all across the United States are contested divorces, but there are also cases in which spouses agree on the issues surrounding their separation, making an uncontested divorce possible. While nobody is ever required to retain legal counsel for a divorce case in Illinois, people should be extremely hesitant to handle a divorce case on their own because the average person could make several mistakes that end up being very costly to correct later.

Even if you and your spouse plan to reach an out-of-court agreement, from having an attorney review any proposed agreement will ensure that it is fair. Should any issues arise relating to child support, alimony (spousal support), or division of marital debts, mediation can be a common avenue for most spouses to resolve their issues but you will still want to have a lawyer assisting you.

Common Problems with Uncontested Divorces

Many married couples going through uncontested divorces may turn to legal DIY websites for help creating the agreements they will present to the court, but such websites can be a risky proposition because they rarely inquire about the types of information that can have a dramatic impact on a divorce case. 

In a recent post on this blog, we discussed what people need to know regarding uncontested divorce in Illinois. This time, we will talk about things that are essential to know about contested divorce. Firstly, a contested divorce occurs when the divorcing parties cannot cooperate effectively, to the point where litigation may be required. Contested divorces can begin from many places. For instance, divorce proceedings may begin amicably and become contested, whereas in other cases, the divorce may have been rife with conflict from the very beginning. 

Whatever the case, contested divorces are often quite time-consuming and expensive. Unfortunately, contested divorces, by nature, are usually more emotionally burdensome than uncontested divorces since, in contested divorces, the tension between the divorcing parties may be palpable. While contested divorces can be resolved through mediation, a contested divorce will likely mean litigation in many scenarios. If you are facing a contested divorce, contact an experienced divorce attorney who can advocate for you and your best interests throughout litigation, should litigation be necessary in your case. 

What Are Some Common Issues in a Contested Divorce?

A contested divorce can involve various issues that can increase contentiousness. For example, when it is time for the division of parental responsibilities to be sorted out and determined, this can be highly contentious. It is easy during this time to become so consumed with wanting to be victorious over their spouse that they forget the most important thing when it comes to the division of parental responsibilities, which is determining the children's best interests. As a result, it is crucial to have an experienced attorney on your side advocating for you and your child's best interests and who understands the emotions involved in a divorce and how it can be easy for parents to become sidetracked by their own emotions when dealing with issues relating to their children and the divorce.

It is not uncommon for spouses to get into arguments or disagree over many different issues. In some cases, a spouse may even threaten to pursue a divorce against you. The word divorce can be highly triggering to people simply because of everything that divorce represents. For most people, divorce is a significant life event, similar to a baby being born or someone passing away. Divorce is a big deal, which is why it may be shocking and upsetting to hear your spouse hang the idea of divorce over your head. 

At the outset, it must be stated that threats of divorce should be taken seriously. Accordingly, if your spouse has threatened divorce, consider consulting with an experienced divorce attorney who can inform you of your rights and help you prepare for the event of divorce and how you ought to proceed.

Considerations for When Your Spouse Threatens Divorce

If your spouse has taken the step of threatening to divorce you, try and take a deep breath. Many different things can be said in the heat of the moment that people do not mean. However, still take the threat of divorce seriously and try to evaluate your marriage and where it’s at. Threats of divorce can act as a wake-up call for some people and may mean that issues in the marriage must be addressed. These issues may include infidelity, communication problems, financial strains, substance abuse, or parenting differences. It is more probable than not that if your spouse is threatening divorce, it is not without reason. Looking within yourself and then evaluating your marriage can help you locate areas of concern that need to be addressed. 

Getting a divorce is never easy and can be especially difficult once the holidays come around. If you are coming up on your first Christmas since splitting up from your spouse, you may likely feel heartbroken and at a loss for what to do. These feelings can be amplified if you have children, have recently moved out of the marital home, or if your spouse has moved out of the marital home. In any event, if you have reason to believe divorce may be on the horizon for you and your family, this blog will delve deeper into how you can make your first Christmas since your separation from your spouse as tolerable as possible.

At the outset, if you feel you and your spouse are heading toward a divorce, consult with a knowledgeable and compassionate divorce attorney who will protect your rights and help guide you through this challenging time so that the process can be as seamless as possible. 

Surviving the “Most Wonderful Time of the Year”

For anyone going through a separation and heading toward a divorce, Christmas and the holiday season will certainly not be the most wonderful time of the year. You may be feeling a cascade of emotions, which is normal and to be expected. Here are some strategies to help you cope with your situation. Consider the following strategies: