What Makes A Divorce A High Net Worth Case?

Typically, you are considered a high net worth individual if your liquid assets exceed one million dollars. However, in the divorce world, the term and the meaning of “high net worth” varies greatly in the eyes of the court and of the spouse. The best thing a spouse can do is to educate themselves thoroughly on the full financial picture of the marital estate.

What does the marital estate consist of? What are the assets? What are the debts? Does your spouse own anything outside of the marriage in trust or through pre-marital assets or gifts? You can start by creating a list or spreadsheet outlining each and every item that you are aware of, such as real estate, vehicles, bank accounts, investments, retirement accounts, collectibles, etc and ensure to also include debts, such as mortgages, liens, credit card debt, loans, and the like. You should also begin to collect records from the last three years to support the information you know or acquired during this process. Make copies or scan the records to PDF so that you can store them in a safe place that you have access to at all times. You will also want access and copy income tax returns, trusts, business partnerships, titles, and all records that correspond to the marital estate.

This is a reasonable first step in investing your time and energy in understanding your financial marital estate and the realistic financial status of whether or not this case is going to be a high net worth divorce. However, whether or not your case is a high net worth divorce is inconsequential to representation; you will need ongoing legal advice and counsel to discuss what a fair and equitable distribution of the marital estate would be in the event of divorce. Knowledge is key and legal representation is of the utmost importance. Email Jennifer Ward of Ward Family Law for a high net worth divorce consultation: jward@wardfamilylawchicago.com