What Not to Do During a High Net Worth Divorce in Illinois

 Posted on May 17,2021 in DuPage County divorce lawyer

No two divorces are alike. Each family has their own unique situation that may come with unique challenges. However, couples who have a high net worth may face more challenges than the average divorcing couple. High net worth divorces have a higher tendency to involve some sort of disagreement between the spouses, especially when it comes to the couple’s finances. In some cases, one spouse may not even know much about the family’s finances, making the situation even more daunting. High net worth divorces involving children can also be highly contested, which is why retaining an attorney who has experience with high-value assets and couples with high net worth is essential to a successful divorce.

Avoid These Things During Divorce

Divorce can be confusing and nerve-wracking for anyone, but things can be especially difficult with a high net worth divorce. To avoid the stress and confusion that can often come along with divorce, here are a few things to avoid when going through your high net worth divorce:

• Assuming all of your assets are marital property. During asset division in Illinois divorces, the division only occurs to assets that are deemed to be marital property. This means only the assets that were acquired by either spouse after the marriage took place are subject to division, with a few minor exceptions. For example, inheritance, trust funds, and family antiques are typically excluded from the division process.

• Ignoring tax consequences from certain assets. Every decision you make during your divorce will affect you at some point in the future. When it comes to financial decisions, one of the things you must remember is that those decisions may have tax consequences in the future. This can affect how your assets are divided, so understanding those consequences is important. Your attorney, in addition to any financial professionals, will be able to help you plan for your financial future, including any tax consequences you may experience.

• Forgetting about your prenuptial or postnuptial agreement. In many cases, spouses with a high net worth have prenuptial agreements to protect any assets that they might have brought into the marriage. In some cases, if a spouse is successful after the couple is married, a postnuptial agreement may be signed to protect any assets that were obtained during the marriage. If you have an existing agreement with your spouse, you should take another look at the agreement to determine how it will affect your divorce.

Our Batavia, IL High Net Worth Divorce Attorney is Here For You

Divorces involving high-value assets or individuals with a high net worth often end up taking longer to complete and cost more. Hiring a skilled DuPage County high net worth divorce lawyer is the smartest move you could make if you are considering divorce and you have extensive assets and wealth. At the Law Office of Matthew M. Williams, P.C., we can assist you with all issues pertaining to a high net worth divorce, from business valuation to child support. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.dmagazine.com/sponsored/2018/11/the-high-net-worth-divorce/

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59