Avoid These Mistakes in High-Asset Divorce

The division of marital assets often becomes a sticking point in divorce – even for relatively modest estates. If your divorce involves high assets, you can expect the matter to be that much more charged, and knowing the most common mistakes to avoid can help significantly. One universally helpful step to take if you’re facing a high-asset divorce is retaining the skilled legal guidance of a seasoned Illinois divorce attorney who has a wealth of experience helping clients with high assets successfully navigate divorce with their financial rights intact. 

Not Understanding Illinois’s Equitable Distribution

Illinois employs an equitable distribution approach when it comes to the division of marital property. This means that while your marital assets may be divided between you equally, they won’t necessarily be divided equally at the time of your Chicago divorce. An equitable division means a fair division when the specifics of your marriage are factored in. Those factors that help guide the division of marital property in Illinois include all the following:

• Each spouse’s contribution to the marital estate, financial and otherwise, including contributions related to supporting the other’s career, raising the children, and homemaking
• Each spouse’s earnings and earning potential
• Each spouse’s age and overall health
• The presumed future financial needs of each spouse 

Ignoring the Tax Consequences

The higher your marital assets in relation to divorce, the more significant the tax consequences, and failure to factor in tax implications can take a considerable chunk out of the assets you’re awarded. Both divorce and taxes are legally challenging matters, which makes it critical to carefully go over the tax consequences of a proposed property division with your savvy divorce attorney prior to accepting any terms. 

Failing to Be Transparent

Divorce law in Illinois is perfectly clear on the matter of property division, and this means that both spouses are required to provide one another with a complete and accurate accounting of assets. The more assets involved, the more opportunities there are to hide or obscure value, but doing so can lead to serious legal consequences.

The same is true of your divorcing spouse, and you’re well advised to pay careful attention to the financial information they share. With high assets, forensic accounting is generally advised. 

Waiting to Consult with a Practiced Divorce Attorney

One of the most common mistakes that can lead to some of the most serious financial consequences in a high-asset divorce is failing to consult with an accomplished divorce attorney early enough in the divorce process. Once a divorce picks up speed, it can be far more difficult to obtain a clear financial view, which is important to protect your financial rights. Reaching out for the skilled legal guidance of a formidable divorce attorney earlier rather than later is always in your best interests.   

Protect Your Financial Rights by Consulting with an Experienced Illinois Divorce Attorney Today

The knowledgeable Illinois divorce attorneys at WARD FAMILY LAW, LLC, are well acquainted with the financial intricacies of high-asset divorces and have the nuanced legal skill and insight to help. Learn more about what we can do to help protect your financial rights by contacting us today.