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Divorce Attorney in Schaumburg

Divorce Attorney in Schaumburg

Dissolving any marriage can be a legally complex and emotional process. Couples with a high net worth or unique assets, however, tend to face additional difficulties when dissolving a marriage, making it especially important for these individuals to retain an experienced high net worth divorce attorney in Schaumburg before moving forward with the proceedings.

Types of Assets

There is no specific definition of what qualifies as a high net worth divorce in Illinois. Similarly, there are no special laws that apply only to couples who have significant assets at their disposal. Instead, high asset couples must go through the same process as any other couple when dissolving their marriage. This includes the proper division of any of the couple’s marital assets, such as:

  • Real and personal property, including real estate, furniture, collectibles, artwork, and vehicles;
  • Retirement benefits and life insurance policies;
  • Financial assets like stocks, bonds, investments, and bank accounts;
  • Business interests; and
  • Intangible property, such as intellectual property rights.

During a divorce, these types of assets are divided into marital and non-marital property, with the former referring to property that was acquired during the marriage and the latter referring to assets acquired by either party prior to the marriage or any:

  • Property inherited by one spouse or received as a gift during the marriage;
  • Property acquired after a legal separation;
  • Legal judgments obtained by one spouse
  • Assets acquired by one spouse during the marriage in exchange for non-marital property; and
  • Property categorized as non-marital in a prenuptial or postnuptial agreement.

Only marital property must be divided upon divorce, so the proper identification and characterization of all of a couple’s assets is of the utmost importance during a divorce.

Special Considerations During High Net Worth Divorce

Although there are no specific rules for high net worth divorces, there are a number of unique factors that couples must take into consideration when they own particularly valuable assets. For instance, many divorcing couples who find themselves in this situation must grapple with accounting for the potential value of future income streams provided by investments or performance compensation packages. High asset couples may also need to:

  • Account for specific tax considerations when dividing their assets and making maintenance determinations;
  • Ensure that all of their property is properly accounted for, appraised, and categorized;
  • Divide unusual assets, such as business interests and valuable collectibles;
  • Account for the contributions of one spouse towards the financial success of the other; and
  • Remain wary of attempts by either party to hide or waste marital assets in an effort to avoid equitable division.

Fortunately, high asset divorce attorneys are uniquely equipped to handle these types of issues, making it especially important for divorcing couples who own significant or valuable assets, to retain an experienced legal team before proceeding with their claim.

Call Today for Legal Assistance

To speak with a dedicated high net worth divorce attorney in Schaumburg who can help you navigate your own divorce, please call The Suburban Law Group, LLC, or complete one of our brief online contact forms today. We are standing by and eager to begin working with you through each step of your case.

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