Going through a divorce is a tremendously challenging time– especially when there’s a substantial amount of assets involved. In a high net worth divorce, there is a lot at stake for both parties, and one mistake can be costly.
Our attorneys at the Law Offices of Jonathan Merel, P.C. are here to help you protect your interests in a high asset divorce, and to do that, we must inform you of the pitfalls to avoid when handling this process.
Mistake #1: Failing to Properly Value Assets
Valuing assets and distributing property is a necessary part of divorce, but couples are more likely to disagree in high net worth cases because there is so much at stake. To ensure that not one spouse is taking advantage of the other, we consult with industry experts, such as tax professionals and financial advisors, to guarantee that all property is fairly valued and divided.
Mistake #2: Attempting to Hide Assets
Even the most amicable couples can quickly become contentious when money and property division is involved. Illinois is an equitable distribution state, which means that the laws require all assets to be divided fairly. Some spouses are reluctant to let the courts decide this, and attempt to take matters into their own hands by hiding the assets they don’t want to give up.
However, this is considered fraud and will come with consequences. In addition to breaking the law, you will lose credibility in the eyes of the court, which may result in the judge rewarding your soon-to-be-former spouse more assets. Alternatively, if you suspect your spouse is hiding assets, bring this up to your lawyer. Experienced attorneys have seen it all and know how to uncover this kind of deceit.
Mistake #3: Skipping Mediation and Going Straight to Litigation
For the vast majority of divorcing couples, going to trial is something that most would like to avoid. However, coming to an agreeable settlement may be difficult. With the help of a divorce mediator, you and your spouse can settle issues and reach a fair compromise. Mediation can speed up the divorce process and dissolve your marriage in a way that all parties are satisfied with.
If you and your spouse have a substantial amount of assets and wish to dissolve the marriage, you need an experienced attorney on your side. We understand that a high asset divorce presents unique challenges, and we are here to ensure your interests are protected.