If you are considering a divorce in Illinois but have accounts, real estate, antiques or other personal possessions that are highly valuable or complex, then you will likely be facing a high asset divorce. At Lois Kulinsky & Associates, Ltd., we have experience with situations like this where there may be some special circumstances not found in other divorces. Depending on your finances and investments, there may be high asset divorce legal services that you will need.
If you have concerns about your spouse trying to hide assets, then you may need help searching for them. A financial investigation can be done to uncover any assets that would need to be divided under the law. Assistance can also be given to help you with dividing retirement accounts and evaluating and dividing stock options. These can both be tricky due to taxes and other regulations. With retirement accounts, you may need a qualified domestic relations order. When it comes to stock options, the tax obligations and responsibilities need to be spelled out.
A common issue in a high asset divorce is the difference in income between spouses. When this happens, alimony or spousal support is usually issued. However, terms, such as when and how it is paid, will need to be negotiated.
If you own a business, you will have even more to consider. You may need to divide the business assets. You will have to valuate your business. Business debts and receivables will need to be looked at, as well as assets. If you have partners in your business, they may prefer that this information is not made public, so you would need to see about a privacy protection order. To learn more about high asset divorce, visit our page on divorce.