What Are Complex Assets in an Illinois Divorce?

 Posted on March 20, 2025 in Division of Property

Although divorce is often emotionally complex, the term "complex divorce" is more often used to describe substantial or unusual assets for one or both spouses. Illinois is an equitable distribution state when it comes to divorce, like most other states in the U.S., minus the eight that are community property states.

In a community property state, marital assets are divided right down the middle, regardless of which spouse made the larger contributions to the marital assets. Equitable distribution states try to divide marital assets fairly, although not necessarily equally. If you are facing a divorce with complex assets, you can benefit from having an experienced Rolling Meadows, IL, family law attorney who will ensure you receive your fair share of the marital assets.  

What Assets Are Considered "Complex?"

While it is usually the worth of the marital assets that makes them complex, there are additional marital assets that can be complicated to divide. Complex marital assets often require more extensive research to arrive at an appropriate value. Complex marital assets include:

• Executive bonuses
• One or both spouses’ professional practice
• Royalties
• Inherited property
• Investment portfolios
• Family-held businesses
• Vacation homes
• Professional degrees or licenses
• A business one spouse had prior to marriage
• Offshore account
• 401(k) pensions
• Deferred compensation
• Separate assets that have been commingled
• Large or multiple savings accounts
• High-worth art, jewelry, or other collections

How Are Legal Settlements or Personal Injury Awards Handled?

If you or your spouse received a personal injury settlement, a workers’ compensation award, or another type of settlement during your marriage, the judge will determine whether it should be split and, if so, how it should be split. If a spouse receives a personal injury award during the marriage, the portion that is meant to compensate for medical expenses and lost wages is usually considered marital property.

The portion of the award specified as pain and suffering is often considered separate property. A workers’ compensation award is meant to make up for the salary the spouse would otherwise have been bringing in, so it is likely to be considered a marital asset. If one spouse wins the lottery before the divorce is filed, the division would be up to the judge, but the funds would probably be split between the spouses.

Hidden and Overlooked Assets in a Complex Divorce

In a high-asset divorce, there is the potential for hidden or misrepresented assets. One spouse could be hiding assets in an attempt to keep the other from getting his or her fair share. A spouse with a business could undervalue the business, so the other spouse would be entitled to less. Finding hidden assets usually requires the assistance of a forensic accountant who is skilled in knowing where to look for them.

In some cases, assets can be overlooked, not out of deceit, but because the assets may have been forgotten about. Life insurance policies, collectibles, artwork, and business assets must all be accounted for and appraised when necessary so that the true value is known.  

The Stakes Are High in a Complex Divorce

Spouses in a complex divorce have much more to lose than the average couple. In many cases, one spouse has taken care of all the financial details in the marriage, meaning the other may have little idea of what the couple actually owns.

It is important to gather as much information as possible about marital assets before filing for divorce. This ensures that marital assets are known to both spouses while giving a spouse that is so inclined less time to hide or dissipate assets.

Contact an Arlington Heights, IL Marital Asset Division Lawyer

Having a knowledgeable Rolling Meadows, IL marital asset division attorney from Law Offices of Donald J. Cosley is extremely beneficial in a complex asset divorce. Having a highly skilled legal negotiator can ensure the process goes much more smoothly, with the best outcome possible.

Attorney Cosley personally handles all aspects of his case; you will speak directly with him when you call, and you will never be passed off to a staff member. Call 847-253-3100 to schedule your free consultation.