Illinois Starts With a Marital Property Presumption
Under 750 ILCS 5/503, nearly everything either spouse acquires after the wedding and before a judgment of dissolution is presumed to be marital property, regardless of whose name appears on the title or account. The spouse claiming an asset is separate carries the burden of proving it, which makes early documentation essential in cases involving business ownership, investment accounts, or real estate acquired during the marriage. Courts must classify every asset before dividing anything, so this first step shapes everything that follows. Even property that would otherwise be non-marital, such as a gift or inheritance received before the wedding, can lose that protection depending on how it was handled during the marriage.
Business Interests Require Careful Valuation
A business built or grown during the marriage is usually treated as a marital asset subject to division, even if only one spouse ran daily operations. Courts typically rely on accountants and valuation professionals to assess:
- Revenue history and projected future earnings
- Goodwill tied to the business itself versus personal reputation
- Outstanding debts and liabilities carried by the company
- Tax consequences of any proposed division or buyout
A Chicago high net worth divorce lawyer typically coordinates with these professionals early, since an inaccurate valuation can shift a settlement significantly in either direction.
Commingling Can Turn Separate Property Marital
Property that started out separate, such as an inheritance or a premarital account, can lose that status if it gets mixed with marital funds to the point where the original source can no longer be traced. Adding a spouse’s name to a premarital home’s title, or using marital income to renovate separately owned property, are common examples that complicate what should otherwise be a straightforward classification. Tracing these funds back to their origin often requires bank statements and records going back years before the divorce, and gaps in that paper trail can work against the spouse trying to protect the asset.
Working With Counsel on a High-Asset Case
High-asset divorces tend to involve more moving pieces, from stock options and retirement accounts to closely held businesses and real estate portfolios. The team at Merel Family Law works through each asset methodically, building a record that supports a fair division rather than leaving valuation disputes to guesswork.
Protecting Your Financial Interests
A Chicago high net worth divorce lawyer can also help identify assets that might otherwise be overlooked during discovery, including deferred compensation, business goodwill, or property held through a trust. Getting a clear picture of the marital estate early tends to lead to a fairer outcome than negotiating from incomplete information, particularly in cases where one spouse managed most of the household finances and the other is starting from limited visibility into what actually exists.
If your divorce involves a business, investment portfolio, or other complex assets, reach out to our office to discuss how those assets might be classified and divided.
