Division of Assets
Resolving issues pertaining to property in divorce can be a complex and contentious process. Property must be classified, valued and allocated in a divorce. First, property must be classified as marital or non-marital. Property acquired during marriage is generally presumed to be marital property. However, property acquired during the marriage may be deemed non-marital if it was received through an inheritance, gift, or in exchange for non-marital property.
Once property is classified, it must be valued. While many assets are easily valued, the valuation of some assets is more complicated, such as closely held business interests and real estate. In these more complex valuation issues, it is often necessary to retain an appraiser and/or business valuation expert to opine regarding the value of the asset.
If a spouse has significantly more non-marital assets than the other spouse, this can impact the division of marital property. Collins Family Law attorneys have extensive experience in handling even the most complex and challenging property issues, including property classification, tracing marital and non-marital property, business valuations, and the tax consequences of the division of assets.
Call Collins Family Law at 847-232-4206 for a free consultation to discuss the details of your unique legal case.