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High-Asset Divorce Can Be Complicated

high-asset, St. Charles 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, and divided during divorce.

In some high-asset divorce cases, one 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. Some couples require the assistance of a forensic accountant to meticulously comb through 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 give up any claim they may have to a particular parcel of real estate that is owned by the couple.

High-Asset Divorce Assistance

At Bochte, Kuzniar & Navigato, P.C., our attorneys have 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 630-377-7770 to schedule a free consultation with us and we can detail how we protect our high-asset clients during their divorce.

 

Sources:

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

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