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Kane County divorce lawyerDivorce is almost always difficult. Even making the initial decision to leave your spouse can be extremely challenging. What follows is a process of untangling lives, separating assets, and allocating property fairly to each party. For those with substantial assets, however, divorce can be even more complicated. High-asset divorce is tricky for a number of reasons, and it is important that those divorcing with high-value assets choose an attorney with the knowledge and skill to properly assist their clients. Why is high-asset divorce more complicated? Most divorcing couples want to ensure they receive a fair settlement and that their assets are protected. The more assets a couple has, however, the more difficult separating them becomes.

Finding Assets

When a couple with significant wealth decides to separate, they must disclose all of their assets so that the marital estate can be properly divided. This can be difficult, as many high-net worth individuals have their money stored in a variety of different places. Retirement accounts, valuable items, off-shore investments, real estate, and all other assets must be located, disclosed, valued and equitably divided during divorce.

In some high-asset divorce cases, a spouse may attempt to hide assets from the other. This is not hard to do when working with multiple accounts and assets stored in a variety of locations and investment vehicles. Some parties require the assistance of a forensic accountant to meticulously comb financial records, investments, and bank accounts to ensure every asset is appropriately considered.

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Kane County divorce attorneysDivorce can affect couples from all walks of life, even the financially flush. However, when wealthy people decide to end their marriage, the proceedings can differ somewhat from those who have relatively few assets to divide. For a wealthier couple, there will understandably be a more prolonged discovery period, as well as a focus on ensuring that all assets are properly identified and evaluated.

What Is Equitable Distribution?

The primary issue in high-value divorces is that because so much is at stake, each party is more likely to dig in and fight for what they see as their rightful share. In some cases, however, it is not the spouses but the court that decides what is an appropriate distribution. Illinois is an equitable distribution state, meaning that property is not divided 50/50 as it would be in a community property state. Rather, experts help evaluate each asset so that each party may receive a share that is equitable and fair based on the circumstances of the situation.

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