Financial issues addressed during a divorce can be complex, especially when a couple has a high net worth. In these cases, it is not uncommon for one spouse to attempt to hide assets in order to gain an unfair advantage when marital property is divided. Hidden assets can have significant implications on the outcome of a high asset divorce, affecting everything from the allocation of assets and debts to spousal support and child support. If you suspect that your spouse may be hiding assets, it is essential to work with an experienced attorney who can help you uncover the truth.

The Importance of Full Financial Disclosure

During the divorce process, both parties are required to provide each other with a full financial disclosure. This means that each spouse must disclose all income, assets, debts, and expenses accurately and honestly. However, some people may try to manipulate this process by intentionally concealing or undervaluing certain assets.

This behavior is particularly prevalent in high net worth divorces where there are substantial marital assets at stake. Hidden assets can include offshore bank accounts, real estate investments under different names or entities, undisclosed business interests or partnerships, and valuable collections or art pieces that may be kept secret from the other spouse.

Sexual harassment is a pervasive problem in our society, affecting people in various workplaces, educational institutions, and other settings. It can have severe consequences for victims, both emotionally and professionally. One way to address the impact of sexual harassment is through compensation that a victim can receive after filing a claim or lawsuit.

Compensation is financial restitution provided to victims that will address their losses and alleviate some of the negative effects they have experienced. An attorney who understands workplace discrimination laws and has experience representing victims can help in getting appropriate and fair compensation. While compensation cannot undo the harm caused by sexual harassment, it can provide several significant benefits:

Recognition and Validation

Through compensatory measures, victims receive recognition that what they have experienced is wrong and should not have happened. This validation acknowledges their pain and suffering, helping them regain a sense of self-worth that may have been diminished by the traumatic experience.

Resolving a high net worth divorce can be complex, and contentious disagreements may occur when dividing substantial wealth and assets. One way to mitigate conflict and avoid protractive litigation is to have a prenuptial agreement in place. A prenuptial agreement, also referred to as a prenup, is a legal contract entered into by couples before marriage that determines how their financial affairs will be handled in the event of divorce or death. A family law attorney with experience assisting people who have a high net worth can help ensure that a prenup will be applied and enforced correctly during the divorce process.

The Purpose of a Prenuptial Agreement

Prenuptial agreements serve several purposes when it comes to high asset divorces:

• Protecting separate property: When one or both spouses enter the marriage with considerable assets, they may want to ensure that these assets will remain separate property in case of divorce. A prenup can specify which assets will or not be subject to division.
• Decisions about asset division: In high asset divorces, there are often complex investments, businesses, real estate properties, and other valuable assets that will need to be addressed. A prenup can outline how different types of assets will be divided between the spouses.
• Addressing spousal support: Prenups can include provisions regarding whether spousal support (also known as alimony) will be paid by one spouse to the other. This can help ensure that neither spouse will face excessive financial burdens after the marriage ends.
• Safeguarding business interests: For people who own businesses or professional practices prior to getting married, a prenup can protect those business interests from being subject to division during divorce proceedings.

The Impact on Property Division

A well-drafted prenuptial agreement can have a significant impact on how property is divided in a high net worth divorce. Without a prenup, assets acquired during the marriage are subject to equitable distribution, which means they will be divided fairly. Illinois law does not require marital property to be divided equally, and determining how much each spouse should receive can lead to costly litigation during the divorce process.

In addition to providing our clients with effective legal representation as they address family law issues or respond to sexual harassment that has affected them in the workplace, the team at Mirabella, Kincaid, Frederick & Mirabella, LLC works to make sure people can be informed about these topics. By providing information about how people may be affected by these legal issues and what steps they can take to protect their rights with the help of an attorney, we hope to ensure that our readers will be prepared to address divorce and family law concerns or protect against employment discrimination or wrongful termination. Our most popular blogs for 2023 included:

1. How to Handle False Allegations of Child Abuse Made Against You - Unfortunately, there are some situations where parents may be falsely accused of abuse or domestic violence during a family law case. We look at how parents can respond to investigations by the Department of Children and Family Services (DCFS) and take steps to protect their children’s best interests when addressing issues related to parenting time.

2. Male Victims of Sexual Harassment Often Face a Unique Set of Challenges - This blog looks at why men may be hesitant to report sexual harassment, how they can keep records to show that harassment has occurred, and what remedies may be available to address quid pro quo harassment or hostile work environment harassment.

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Parenting cases will involve a variety of complex legal issues, and disputes between parents can sometimes be difficult to resolve. However, these matters can become even more complex when substance abuse is involved. The safety and well-being of children is always the primary concern for the court when determining how parents will share parental responsibilities and when children will spend parenting time with each parent. In cases where a parent has a history of substance abuse, it is important to understand how this issue may impact the outcome of parenting proceedings. An attorney with experience representing clients in contentious family law cases can help ensure that children’s best interests will be protected in these situations.

The Impact of Substance Abuse on Parental Fitness

In any case involving parenting matters, the court will evaluate each parent's ability to provide a safe and stable environment for their child. Substance abuse can raise serious concerns about a parent's fitness to care for their child. Courts will consider factors such as:

• The extent of the parent's substance abuse problem, including any history of violent behavior or child endangerment while intoxicated.
• Any criminal history related to drug or alcohol use, including whether a parent has been involved in frequent drug or alcohol-related incidents or arrests by law enforcement.
• Evidence of neglect or harm caused by substance abuse.
• Whether a parent has demonstrated an inability to fulfill their parental responsibilities due to substance abuse.
• Past attempts at treatment or rehabilitation and the likelihood of a relapse. 

If there is substantial evidence that a parent's substance abuse impairs their ability to adequately care for their child, it may result in restrictions on parenting time rights, or the other parent may even receive sole parental responsibilities of the couple’s children. A court may require a parent with substance abuse issues to complete mandatory drug or alcohol testing before they will be allowed to have parenting time, attend counseling, or therapy programs, or comply with other court-ordered conditions.