Understanding High Asset Divorce

 Posted on January 23,2023 in High Asset Divorce

High asset divorce is a complex and challenging process that requires a unique approach. In Illinois, high asset divorce cases involve significant financial assets and require expertise to navigate the legal system. This is why it is crucial to seek the help of an experienced attorney who can help you protect your financial interests as much as possible.

Dividing Assets

One of the main challenges is identifying and valuing assets. This includes everything from real estate and investments to retirement accounts and pensions. It is important to clearly understand the financial assets involved in the divorce to ensure that they are divided equitably. Businesses can be an essential asset in high asset divorce. Business owners will need to consider the value of the business and how they are willing to divide it or negotiate over it in a divorce.

Protecting Your Financial Interests

Another important aspect is protecting one’s financial interests. Pre- and postnuptial agreements can play an important role in high asset divorce, as they can provide a clear understanding of the assets and debts that each party is bringing into the marriage. Strategies such as setting up trusts or transferring assets to family members can help protect assets. Without these in place, during divorce, forensic accountants may be necessary to identify and value assets.

Special Considerations in High Asset Divorce

High asset divorce also requires special considerations regarding child custody, support, and spousal maintenance. These aspects are not only important but also complex in these types of cases. Child custody and support agreements must consider the parents’ financial resources, while spousal maintenance must be fair and equitable to both parties. It is beneficial to have a lawyer who can guide you through the process.

It is also worth mentioning that high asset divorce cases can be subject to modifications and enforcement, which are often necessary when the financial circumstances of either party change. Modifications can include changes in child support or spousal maintenance, and enforcement can include actions to ensure that the divorce agreement terms are followed.

Contact a DuPage County Divorce Attorney Today

If you are going through a high asset divorce, it is essential to have experienced legal representation to protect your rights and interests. Contact one of our Naperville, IL Family Law Lawyers to have someone on your side. Our team understands the complexities of high asset divorce cases and can provide you with legal guidance throughout the process. Call Calabrese Associates, P.C. at 630-393-3111 to get started and take the proper steps today.

Source: https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000