What Is Asset Tracing And Do You Need It In Your Chicago Divorce?
When two people get divorced there is no doubt that a conversation – or an all-out fight – has to happen regarding who gets what when it comes to property and assets. In high net worth divorces, that is divorces where there are assets and properties in the millions of dollars at issue, the discussion becomes even more complicated (and likely more heated) as the stakes grow higher and higher. In Chicago, an equitable distribution state where property and assets are distributed “equitably” by the court if the absence of a prenuptial or other agreement, the origins of a property become extremely important. The court will make a determination regarding the character of the property – that is, whether it is separate property, commingled property, or marital property — as part of the equitable division decision. But what happens if a property that is potentially subject to a marriage is difficult to trace? What if the origins are unclear? It is important for those individuals who are going through the divorce process and who want to protect their assets and properties to understand the basics of asset tracing and whether they may need it in their Chicago divorce.
Asset Tracing in Chicago Divorces
There is no doubt that in some cases determining the origin of an asset or property and its value can be quite difficult. What if the property is extremely old and was bequeathed to one spouse, but the other spouse worked on it? What is the value of the asset or property and where is it located or how can it be accessed? These types of questions are exactly what asset tracing aims to answer. Asset tracing is, simply put, a way to track the origin, activity, and ownership of an asset or property. In addition, asset tracing can also be used to determine the value of a property or asset and to determine whether there are hidden or undisclosed assets that should be subject to the divorce proceedings. Asset tracing can be extremely valuable in determining and proving whether an asset or property is separate property, commingled property, or community property, so individuals in the divorce process can protect what belongs to them.
Help with Asset Tracing in Your Chicago Divorce
Those who are in the midst of or who are contemplating a high net worth divorce and who are unsure of what they are entitled to can benefit from asset tracing. In addition, anyone who suspects financial dishonesty in a marriage, that there may be undisclosed assets or properties, or who want to protect a certain property also should consider asset tracing for their divorce. If you are located in Chicago and are seeking a divorce or have questions about the divorce process and asset tracing, the experienced Chicago divorce lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC are here to help you. The lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC offer a confidential consultation to learn about your particular case and to see if they can help. Contact Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to a lawyer about your rights in your Chicago divorce.
