Division of Inherited Properties
Property division can be the most contentious part of high-asset divorces. Complex legal processes combine with emotionally charged issues that put spouses at odds, particularly when inheritances and gifts are at stake. Legal representation is paramount to protect your rights and best interests.
Chicago High-Asset Divorce Attorneys Skilled In Division Of Inherited Properties
Whether the business owner is a sole proprietor, owns the business with other shareholders or the two spouses own the business together, it is likely that the business owner will want the business to continue after the divorce. In instances where only one spouse is an owner, it will be necessary to establish an accurate value of the owner’s share and how much of that share should be considered marital property to be divided between the spouses. If the spouses own a business together, there may need to be a buyout of one spouse’s interest that would be a set off as part of the property agreement or the payment will be paid over time to the non-owner spouse with his or her rights secured.
Few Illinois law firms can match the experience and success in high net worth divorces that Feinberg Sharma possesses. Dedicating much of our practice to representing Illinois residents who have significant assets provides us the legal knowledge and insight necessary to identify, value and divide assets.
FS's family law firm also enjoys a network of respected business valuation, forensic accounting, financial planning and property appraisal experts who help it identify if an inheritance is marital or nonmarital property.
Determining Marital Versus Nonmarital Assets In An Inheritance
Inheritances received by one spouse prior to or during the marriage are considered nonmarital property not subject to equitable distribution. However, certain exceptions exist. If gifted money was used for a common purpose, those assets may be subject to division.
Negotiating property settlements puts you in control of the process and provides you with more of your assets following the finalization of a divorce. However, your willingness to settle is dependent on your spouse being open to negotiate. If a middle ground cannot be found, Feinberg Sharma will pursue a verdict by the courts if a trial is in your best interests.
Reliable Lawyers In Complex Illinois Retirement Division Matters
Contact our family lawyers to schedule a consultation with one of our divorce attorneys about your questions regarding division of retirement assets in divorce. You can reach us by phone at 312-376-8860, or email us at email@example.com.
© 2018 Jennifer S. Tier for Feinberg Sharma, P.C.