High Asset Divorce Attorney Near Me

High Asset Divorce Attorney Near Me

One of the most difficult terms of any divorce is the division of marital property, and when the divorce involves high assets, the matter tends to be that much more complicated. Protecting your financial rights in a divorce is critical, and working closely with an experienced high-asset divorce attorney near you is one of the most important steps you can take along the way. 

The Division of Marital Property in Illinois

Those assets that you and your spouse come to own as a married couple are considered marital property, and in the event of divorce, they must be divided equitably, which means fairly in relation to a range of primary factors. While assets that either spouse owned prior to marriage are considered separate property, any commingling of marital and separate assets can alter this distinction. The higher the assets involved, the more opportunities there are for complexities – and even financial hijinx – to arise. 

Business Ownership

High assets often include business ownership, and business ownership is closely associated with complications in the context of property division. Consider the following:

• If your spouse is more closely associated with the business than you are, it can leave you vulnerable to being shortchanged in terms of your legal share.
• Businesses involve complex financial endeavors, and in the process, there are ample opportunities for hiding assets, spending down assets, and generally confusing financial issues.

Couples usually can’t split a business down the middle, and selling a business for the purpose of divorce tends not to make financial sense. Generally, the best available option is one spouse buying the other out, which involves obtaining a business valuation that both spouses can agree to and which can become a major challenge of its own.

Tax Implications

The higher the assets, the more likely there are to be considerable tax implications to take into account. When high-value assets are sold to accommodate property division, it can lead to capital gains taxes, without utilizing legal advice and counsel. 

Alimony / Maintenance

Alimony or spousal maintenance is only awarded in divorce situations that leave one spouse without the resources necessary to support themself at or near the standard of living achieved during the marriage. In high-asset divorces, one spouse is more likely to walk away with significantly fewer assets than the other, which increases the chances that alimony or maintenance will be awarded. 

Forensic Accounting

As mentioned, more assets mean more opportunities for less-than-fair financial practices. As such, it’s often necessary to engage professional forensic accounting to help ensure that you have a clear understanding of your overall marital assets and that your financial rights are well protected.  

Turn to an Experienced High-Asset Divorce Attorney near You for the Help You Need

The trusted Illinois high-asset divorce attorneys at WARD FAMILY LAW, LLC, dedicate their formidable practice to fiercely advocating for your client’s financial rights throughout the divorce process, and we’re here for you, too. For more information about what we can do to help you, please don’t wait to reach out and contact us today.