Dividing property in a divorce is never simple. When it comes to non-traditional assets, the process can get even more complex. A skilled Chicago divorce lawyer helps clients understand what counts as marital property and how it can be divided fairly.
Non-traditional assets include cryptocurrency, intellectual property, and even family heirlooms. These items may not be easy to value, but they still matter in a divorce.
Understanding Non-Traditional Assets
Non-traditional assets are things that don’t fall into the usual categories like houses, cars, or bank accounts. They often carry high financial or emotional value. Some common types include:
- Cryptocurrency like Bitcoin or Ethereum
- Intellectual property such as copyrights, trademarks, or royalties
- Family heirlooms passed down through generations
Each of these assets requires a different approach during divorce.
Cryptocurrency in Divorce
Cryptocurrency can be tricky to track. It’s digital, easy to hide, and its value can change fast. A Chicago divorce lawyer will usually start by finding out if either spouse owns crypto. If so, the lawyer may bring in a forensic accountant to trace the funds.
Once located, the next step is to figure out if the crypto is marital or separate property. If it was bought during the marriage, it’s usually considered marital property. The court will then decide how to split it, just like any other asset. This might involve giving one spouse a share of the crypto or its dollar value.
Intellectual Property Rights
Intellectual property (IP) can include books, music, patents, or software created during the marriage. These are not just creative works. They often bring in income over time.
Lawyers first determine who owns the IP and when it was created. If the IP was developed during the marriage, it’s likely considered marital property. Even if one spouse is the sole creator, the other may have a claim to the value it brings in.
A Chicago divorce lawyer will often work with IP experts to estimate the current and future value. This may include expected royalties or licensing income. The court may split this value between both spouses, or one spouse may “buy out” the other’s share.
Dealing With Family Heirlooms
Family heirlooms bring emotional weight to a divorce. These items may include antiques, jewelry, or art passed down from relatives. If the heirloom was given before the marriage, it’s usually considered separate property.
But if it was gifted to both spouses, or used as a shared item in the home, it might become marital property. This can lead to disputes. A divorce lawyer will look at how the item was used, who it came from, and if any written records exist.
Sometimes, one spouse keeps the item while the other receives something of equal value. In other cases, the couple may agree to sell the heirloom and split the money.
Why Legal Guidance Matters
Dividing these types of assets is rarely straightforward. Valuing crypto or IP often requires outside experts. Handling heirlooms takes care and sensitivity. A trusted Chicago divorce lawyer helps guide clients through this process and protects their rights.
They make sure every asset is identified, valued, and properly addressed. They also know how Illinois courts treat different kinds of property. This helps clients get a fair outcome.
