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What You Should Consider in a High-Asset Divorce
03 Mar, 2024
Divorce

What You Should Consider in a High-Asset Divorce

High-asset divorce is a financially complicated situation that can leave one or both partners in a difficult state should mistakes be made. With multiple assets and a potentially extensive marital estate to divide, tensions can reach a fever pitch and make proper decisions difficult. 

Taking control of your financial future starts with protecting yourself throughout the process and having an advocate ready to respond to challenges. The best option is to ensure you bring an experienced legal representative on board who understands the complexities of these processes. Otherwise, you may end up with deals or settlements that don’t serve your best interests now or in the future.

What is a high-asset divorce?

In Illinois, high-asset divorce cases can be a complicated and arduous process. Not only is there the personal anguish of a marital breakup, but the complexity of assets such as businesses, real estate, stocks, and other investments to divide can make it a long, drawn-out process. The stakes are even higher when financial security and future growth are at stake. 

Typically, high-asset divorces include high-net-worth incomes ranging from millions to billions of dollars and multiple properties, investments, and more. With an experienced attorney with expertise in high-asset divorces, they can ensure that their client’s best interests are protected during this sensitive time.

What should spouses with high net worths consider during a divorce?

Every couple brings its own unique needs and requirements to a divorce. Couples who are pursuing a divorce may consider the following elements: 

  • Complex property division
  • Asset division
  • Child support
  • Spousal maintenance
  • Financial Considerations
  • Visitation and parenting time

High-asset divorces involve complex financial networks, making it imperative for couples to gather as much information as possible before filing for a divorce. Before the process begins, both parties should locate and protect vital financial documents such as tax returns, bank statements, and investments. 

In addition, an awareness of the totality of assets – including any obscure or hidden assets – can be precious in keeping the proceedings amicable while protecting both parties financially. The more well-informed each party is when facing a high-asset divorce, the easier they can make sense of their detailed financial history and ultimately reach an agreeable settlement.

How can a couple differentiate between community vs. individual assets?

Knowing what property and assets each party has is a critical part of understanding the complete marital puzzle. For most couples, community or marital assets are anything earned or acquired during the marriage, but that can be modified by prenuptial agreements if stipulated. 

For individuals, separate or non-marital property generally includes items such as:

  • Inheritance and gifts owned before the marriage
  • Property ownership tied to one spouse’s income
  • Increase in property or asset value. 
  • Pre or post-nuptial agreement considerations with property, trusts, and inheritance

Contact us to represent your high-asset divorce case

SLG Family Law is the perfect place to turn if you are looking for quality, experienced advice to guide you through your high-asset divorce. Our attorneys have successfully represented clients from all walks of life with a focus on high-net-worth couples.  Contact us today to schedule a consultation.

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