The division of property in a divorce is often complex. The first step of the process is to determine what property exists. When a spouse does not have access to this information, formal discovery is essential to determining the extent of the property. Next, the value of the property must be determined. While bank and investment accounts can clearly be determined by the value shown on statements, assets such as residences, pension plans and businesses require valuations to be performed to accurately determine the fair market value. Another step in property division, although not necessarily the last step, is to determine the character of the property. In family law cases, property is either non-martial or marital. If the property is non-marital, it typically has been obtained via gift, inheritance or was owned prior to the marriage. Even when property started as non-marital, it is possible that a party unintentionally or intentionally transmuted it to marital property or the holder of non-marital property may owe the marital estate reimbursement for certain transactions.
The complexities of a property division can be explained through a consultation with any attorney at the Carder Law Firm. We have been working for over twenty years dividing high net worth estates and estates with complex tracing issues. When necessary, the Carder Law Firm has a strong network of expert business valuators, real estate appraisers, forensic accountants and financial planners who are renowned in the Chicago area to help you obtain the best possible results in your case.