High Net Worth Divorce Attorneys in Chicago
Experienced Family Lawyers Protecting Your Interests in a High-Asset Divorce
High asset divorce refers to a divorce case in which the couple being divorced has a significant amount of assets, such as property, investments, and business interests. These cases can be more complex than those involving fewer assets, as the parties may need to hire experts to value the assets, and they may need to negotiate a settlement that divides the assets equitably. High asset divorce cases may also involve other considerations, such as tax implications, trusts, and prenuptial agreements.
If your finances are particularly complex and you have a large number of assets, own a business, or have multiple properties, filing for divorce can become exponentially more challenging. To protect your assets, you will need knowledgeable legal guidance.
At the Law Offices of Jonathan Merel, P.C., our legal team can help you avoid many of the pitfalls high net worth divorce presents, so you can smoothly dissolve your marriage. Contact our Chicago high net worth divorce lawyers today at (312) 487-2795.
Risk Factors in a High Net Worth Divorce
Although any type of divorce will involve some risk factors and financial consequences, the stakes in a high-asset divorce are generally greater. Below are some noteworthy risk factors involved in a high net worth divorce:
- Separate vs. marital property: In any divorce, all marital property will end up on the chopping block, subject to division. In a high net worth divorce, it is sometimes challenging to identify separate property, to ensure an equitable distribution.
- Businesses: If you own a business with your spouse, it will require professional valuation. The tax consequences of splitting a business can have a far-reaching impact on spouses.
- Spousal support: How much spousal support you pay, receive, or how long it lasts will vary depending on the specific circumstances of your case, including property division.
- Executive compensation: It is common for stock options and other executive compensation to account for a substantial portion of marital property. However, it can complicate matters, which is why expert involvement is necessary.
Other Considerations in a High Net Worth Divorce
If you are going through a high-asset divorce, you might encounter numerous other obstacles during the process. Although some of these issues are common, they are typically more difficult for spouses to field their way through in a high net worth divorce.
Here are some additional considerations you might deal with:
- Retirement assets
- Real estate holdings
- Trusts
- Assets owned outside of the country
Moreover, if you and your spouse have kids together or from another relationship, the process of dividing property might become even more contentious, especially there is something you specifically wish your children to inherit.
Property Division in a High Asset Divorce
As complicated as high net worth divorce already is, one of the most complex features is property division. When filing for divorce in Chicago, the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/) determines how the court decides on division of property.
The courts in Illinois divide marital property based on an equitable division theory. Property of the marriage will be divided in an equitable manner rather than an equal manner, therefore assets and debts will be divided equally. Sometimes, however, an equitable division does indeed represent an equal division. Property division issues are generally very complex in high net worth divorces. An accurate and detailed accounting of marital assets and debts is required prior to the division of property. Being honest when listing your assets and debts is extremely important. Attempts to transfer stocks or other assets before division could be construed by the court as fraudulent.
Get started on your divorce today! Contact our law office at (312) 487-2795 to set up a consultation.
Chicago Divorce Attorney
Discuss the Details of Your High Net Worth Divorce Case
If you and your spouse have a substantial number of assets and wish to dissolve the marriage, you will need an experienced law firm on your side to ensure your interests are protected. At the Law Offices of Jonathan Merel, P.C. in Chicago, our knowledgeable team of attorneys – lead by our partners Jonathan Merel, Melissa Caballero Dunn, Aurelija Fitzpatrick, David Zwaska, and Bradley R. Kaye – has what it takes to guide you through the divorce process and will fiercely represent you in court if necessary.
As a family law firm, we handle emotional and uncomfortable decisions with the utmost professionalism and care. We're accessible 24/7 and have engaged partners and associates who are eager to counsel and support you throughout your case.
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- Attorneys Who Provide One-on-One Personal Attention
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