The Challenges of High End Divorce

 Posted on December 00, 0000 in Divorce Finances

Divorce is not always fraught with tension and difficulties between parties. Often amicable agreements and a shared understanding can make the process smoother. Either way, skilled legal representation is crucial to ensure all eventualities considered. Over 2,200 divorces and annulments in DuPage County occurred in 2013 alone, a number which equals about half of the marriages that took place. This demonstrates that divorce rates are significant and the process requires skilled legal advice and representation to navigate. This is more so in the cases of couples who have significant assets. These “high end” or “complex” divorces entail several more layers of analysis and an equally skilled divorce attorney.

Substantial Assets

There are several financial holdings that could contribute to a marriage accumulating significant assets. So, when it comes to dividing them and the “equitable distribution’ of assets, matters can get complicated. The court takes into consideration many factors to make a fair and just distribution of assets.

Types of assets that can contribute to a complex divorce include:

• Multimillion dollar private businesses;
• Bonds and stock plans;
• Real estate investments
• High wage earners, such as professional athletes or corporate executives;
• Corporate business interests;
• Pension and retirement accounts; and
• Employee benefits and stock options

Dividing Marital Property

Before marital property can be divided, several steps must be taken. First, the assets that comprise the marital estate must be identified. These usually include any property acquired by either spouse during the marriage. Then, all assets and debts must be assigned a value. For certain assets, determining a value is fairly straightforward while doing so for others is more complex. Financial professionals, real estate appraisers, and other experts may be needed to help evaluate your assets. Only then can a reasonable property settlement be reached.

There is more at stake when a wealth of assets are on the line for division in a high-end divorce. The tension and ensuing disputes over the division of property, spousal maintenance, child custody, support, and visitation can get even more tenuous. It can be a challenge when approaching a dissolution of a marriage where one or both partners have high net worth and significant marital assets. Prenuptial agreements can an additional complication in negotiations and settlements so an experienced divorce attorney who can address all these complexities is helpful.

Skilled Legal Representation

If you and your spouse own substantial assets and are considering a divorce, speak with an experienced DuPage County divorce attorney. Call the Law Office of Matthew M. Williams, P.C. for a confidential consultation today. Let us provide the guidance you need during a difficult time.

Sources:

http://www.dph.illinois.gov/sites/default/files/publications/website-data-marriage-divorce-2013-111816.pdf.pdf

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