Find Help Dividing Assets Through Family Law in Eureka IL
If you are going through a divorce, and, as a couple, have a high net worth, you need Essig Law Office, providing the Family Law Eureka IL counts on.
Trusts, wills, investments, retirement accounts, multiple properties, automobiles — there is much to consider in divorce negotiations.
Equitable Settlement
Essig Law, Family Law Eureka, IL, will work toward a mediated and equitable settlement. That does not always mean a 50/50 split. A multitude of factors impacts how assets are divided when a couple splits.
Your Trusts
Your competent attorney must examine the terms of a trust. Is the trust a “revocable” or “irrevocable” instrument? A “revocable” trust can be revoked by the “grantor”––i.e., the person who created the trust––at any time. As such, a spouse’s interest as a beneficiary of a revocable trust is not dissimilar to being named in a parent’s will. It is an interest that can be lost at any time.
An “irrevocable” trust cannot be revoked by the grantor and, therefore, (depending on other terms of the trust) can provide the beneficiary with a more concrete right to receive trust assets.
Attorneys will also examine who has the power of appointment to devise, by a will, the assets held in trust. Does the grantor of the trust maintain the power of appointment? If yes, the grantor can effectively revoke the terms of the trust upon his or her death (or even before) by exercising the power of appointment and dictating the distribution of trust assets.
You will need to know your rights as a beneficiary and how the money will be distributed to you.
Another rule of thumb: If the trust is drafted so that the beneficiary can’t go to the trustee and demand a distribution, then it is not considered that beneficiary’s money.
Essig Law, Family Law Eureka, IL, can also advise you on how the proceeds from your trust could be claimed by your children’s future spouses or your spouse’s children from a future marriage.
You Are Not Alone
Don’t try to navigate the turbulent waters of divorce for a high-income family without Essig Law on your side. We will work toward an amicable settlement, and, barring that outcome, we will be by your side in divorce court.
Our Team at Essig Law’s Family Law Office in Eureka IL
What have you got to lose? Sit down with Dean or Dustin, in a free consultation, to talk over your case. They will be by your side every step of the way. Call today at 309-354-3898, so we can start working on an equitable distribution of assets for your divorce. Essig Law Office is conveniently located at 135 Washington Square, Washington, IL 61571.