Every divorce faces its own unique complexities, but if you have a high net worth, your divorce will likely be that much more challenging. Better understanding what you’re up against in your high-asset divorce can help you proceed with increased confidence that your rights remain well protected. When it comes to high assets, you shouldn’t skip the focused legal guidance of an experienced Chicago high net worth divorce attorney.
If you and your divorcing spouse share children, their ongoing best interests are naturally an ongoing concern. As such, there are several primary matters to directly address as you move through the divorce process, including:
The definition of a high net worth divorce is a divorce involving high assets. In Illinois, those assets that you, your spouse, or you and your spouse together acquired during the years of your marriage are considered marital, and as such, they must be distributed between you fairly upon divorce.
What is fair in your unique circumstances will hinge on a wide range of factors, but in high-asset divorces, matters such as the following often present unique complications that must be carefully considered:
In relation to your assets, it’s also important to keep in mind that you’ll need to assign values that you can both agree to, which often requires exacting and costly valuation efforts. There are also complex tax filing to consider and the very real risk that hidden assets play a role.
High assets are usually accompanied by complex debt that must be carefully assessed in relation to your divorce. Items to consider include:
Both alimony (which is known as maintenance in Illinois) and child support payments can also factor into the debt equation – as can any spending or shopping problems either spouse may have.
Another important consideration in relation to a high net worth divorce is any terms included in a valid prenuptial or postnuptial agreement, which are generally binding.
The more considerable your assets, the more complex your divorce is likely to be, and the focused high net worth divorce attorneys at WARD FAMILY LAW, LLC, have a wealth of impressive experience successfully guiding challenging cases like yours toward advantageous outcomes. We’re here for you, too, so please don’t wait to contact us for more information today.
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