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Four Overlooked Assets to Include in Your Illinois Divorce 

Posted on in Divorce

wheaton divorce lawyerOver the course of many years, married couples accumulate a lot of stuff - and when it comes time to divorce, all the stuff needs to be divided. Some of a couple’s belongings are easy to remember to include in the marital asset portfolio; bank accounts, investments, and the marital home are obvious items. Other items are easier to overlook but just as important to account for. If you are getting divorced, make sure you meet with an experienced Illinois divorce attorney who can help you make sure you get your fair share of the marital estate. Here are four often overlooked asset classes in divorce. 

Intellectual Property

Intellectual property may not immediately come to mind, but it can make up a significant part of a marital estate. Examples of intellectual property include patents, inventions, books, films, artwork, music, etc. - anything which a spouse produces and makes money from. If the intellectual property was created or acquired during the marriage, it is marital property and subject to valuation and division. 

Loans and Accounts Receivable

Couples who have enough money to loan it out to friends or family will need to split the eventual loan payoff when they get divorced. This is also true for loans or accounts receivable which are owned by a business. Additionally, things like interest can be actively generating income, which will need to be divided. This can take time, as it may be difficult to determine whether all or part of a loan’s proceeds are marital property and whether a loan will continue to be profitable in the future. Likewise, because a loan also represents some financial risk, a couple will need to decide how to divide its ownership. 

Animals

While a dog or a cat may have little value beyond the sentimental love a couple has for it, many animals are of great monetary worth. Livestock, for example, can be valued at many thousands of dollars per head. Even a well-bred dog may be worth several thousand dollars. It is important to include all of your animals in your divorce, even if you think they may not be worth anything. 

Retained Earnings

If a company’s income exceeds its expenses, the revenue can be held for future use as retained earnings. If a business does have retained earnings, the question then becomes whether the earnings are available to be used by a spouse and are therefore marital property. If spouses are in dispute over whether retained earnings are marital property, a court will have to examine how the business is owned and operated to determine how retained earnings should be handled.  

Meet with a Wheaton, IL Asset Division Attorney

Accounting for all of your assets is essential for securing a fair divorce settlement. Allow the DuPage County divorce attorneys with The Stogsdill Law Firm, P.C. to assist you in making sure your assets are fairly valuated and divided. Call our offices today at 630-462-9500 to schedule a confidential consultation. 

 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

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