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The Difficulties of a High-Asset Divorce

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.

Protecting Assets

There are a variety of ways to protect your assets and investments during divorce. In some instances, you may be able to classify certain assets as non-marital property, thus making them exempt from property division. In other cases, you may need to negotiate a trade-off of sorts. This means that one spouse is able to hold on to a certain asset in exchange for giving up something else. For example, if one spouse wants to hold on to a certain retirement account, he or she may be willing to forfeit any claim to a particular parcel of real estate that is owned by the couple.

High-Asset Divorce Assistance

At MKFM Law, our attorneys have many years of combined experience handling a variety of high-asset divorce cases. If you are heading toward a high-asset divorce, or if you already believe your spouse is hiding assets from you, contact an experienced Kane County divorce lawyer. Call 630-549-0960 to schedule a confidential consultation with us today.

 

Source:

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

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Wheaton, IL 60189
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We serve clients throughout Kane County, Illinois including St. Charles, Geneva, Batavia, North Aurora, Elgin, Algonquin, Aurora, Barrington Hills, Bartlett, Big Rock, Burlington, Campton Hills, Carpentersville, East Dundee, Elburn, Hampshire, Huntley, Kaneville, Maple Park, Sleepy Hollow, Wayne, West Dundee as well as throughout DuPage County.

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