Classifying, valuing, and dividing assets is often one of the most complex components of a divorce. When spouses marry, their property is mixed. Determining who is entitled to what in a divorce can become a lengthy and complicated process - especially in a high-net-worth divorce.

Asset tracing is the process of tracing the origin of each asset. This is especially important in a high-net-worth divorce case, as the spouses may have complicated financial portfolios with multiple investments, complex tax returns, and global assets. Asset tracing can be used to determine what assets were acquired during the marriage versus those that existed prior to it. Asset tracing may also be used to reveal hidden assets, undervalued assets, or undisclosed sources of income.

What Does Asset Tracing Entail?

Asset tracing is a process of tracking the origin, movement, and ownership of each asset. The process may include:

Splitting up with your spouse is challenging under the best of circumstances. However, separation or a divorce during the holidays is especially stressful and upsetting. If you are beginning the divorce process this holiday season, you know this firsthand. There is no way to completely eliminate the emotional, financial, and practical challenges associated with this major life change. However, you may be able to mitigate the stress and reduce your anxiety to some degree. Here are a few tips to help you get through your first Christmas after separation.

Getting Through the Holidays When Divorce Is on the Horizon

Christmas is supposed to be the "most wonderful time of the year." However, for people going through divorce, it can seem more like a nightmare. Many people struggle with feelings of loneliness, anger, regret, and confusion during the divorce process. 

If you are getting divorced soon, consider the following coping strategies:

Illinois courts want to preserve the relationship between a child and both of his or her parents whenever possible. However, in cases where there is a history of domestic violence, substance abuse, mental health issues, or other concerns that place the child’s safety at risk, courts may order supervised visitation or other restrictions on parenting time. Supervised visitation is when a third-party monitor is present at all times during exchanges and visits between the child and parent. The monitor can be a family member, friend, or professional hired for the role. Courts may also order restrictions on parenting time such as limiting the parent’s visits to certain times or places, prohibiting certain activities, requiring testing for substance use or other restrictions. 

Why is Supervised Parenting Time Ordered by the Court? 

The child's best interests are the top priority for the court when deciding parenting time restrictions or any other child-related matter. Supervised visitation may be ordered if it is believed that this arrangement will ensure that the child is provided with a safe, stable and nurturing environment. Domestic violence, abuse, neglect, drug or alcohol abuse, severe mental health issues, or other concerns are some of the issues that may result in a court ordering supervised parenting time. 

Other Parenting Time Restrictions

Supervised visitation is just one of several parenting time restrictions the court may impose to keep a child safe. Sometimes, the amount of parenting time is reduced. A parent may only be allowed to see his or her child once a week, for example. In cases involving severe neglect or abuse, a parent's parenting time may be eliminated entirely. 

A qualified domestic relations order, or QDRO, is a legal document that is typically used in conjunction with a divorce decree in order to divide retirement assets between spouses. In the state of Illinois, there are specific rules that must be followed in order for a QDRO to be valid.

If you are going through a divorce and you have retirement assets, it is important to understand the role of a QDRO in dividing those assets. An experienced Illinois divorce attorney can help you ensure that your QDRO is properly drafted and filed so that your interests are protected.

Retirement Assets in a Divorce

When most people think about dividing property in a divorce, they think about vehicles, real estate, and household items such as furniture. However, retirement accounts must also be dealt with during divorce. In Illinois, retirement assets acquired during the marriage are considered to be marital property and are subject to equitable distribution. Retirement funds that a spouse already acquired before getting married are usually considered non-marital assets. Consequently, retirement assets may be considered partly marital and partly non-marital during a divorce.

The term "narcissist" refers to a person who is excessively self-absorbed and lacking in empathy. Narcissism often manifests itself as a need for admiration and attention. Someone with narcissistic tendencies may try to control or manipulate other people, intentionally start drama, or be excessively aggressive. 

If you are divorcing a narcissistic spouse, then you know that the process is likely to be long, draining, and frustrating. There is no way to eliminate hardship and challenges during your divorce completely, but the following tips may help.