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High Asset Divorce Archives

Negotiating tips for high asset divorces

Couples who are about to embark upon divorce in Illinois may have some concerns, especially in a high asset situation. It can often be difficult to iron out all the details without getting into a power struggle. The best way to avoid such issues is to ensure solid negotiation tactics are used when settling the details of the divorce.

The debate over grandparents’ rights

Whether it is due to a divorce or an estrangement within the family, sometimes grandparents are not given the right to see their grandchildren. States and even the federal government have spoken out on this issue, including Illinois. However, there is a debate between those who feel grandparents should have rights to visitation with grandchildren and those who feel it should be left up to the parents to grant such rights.

Dealing with a family-owned business in a divorce

Getting a divorce in Illinois is difficult, but it can get even more complex when you and your spouse own a business. Not only do you have to worry about ending your marriage but now you also have to determine what steps to take with the business. At Lois Kulinsky & Associates, LTD, we recognize that you have several options and that you need to understand them in order to know how to proceed.

You can't protect assets if you don't know what they are

It happens all the time in marriage. One spouse takes over the role of carrying out certain tasks and duties while the other focuses on other areas of expertise. For instance, how many Illinois couples do you know where one person acts as the resident mechanic, or one spouse does all the cooking while the other takes care of lawn maintenance and trash pickup? Even more common are marriages where one spouse deals with all things finance-related, including paying bills, investing money, purchasing insurance and other related issues.

How can I uncover an offshore account in a divorce?

When you are involved in a high asset divorce in Illinois, there is always a concern about your spouse possibly hiding assets. This can be done in a variety of ways, but a common approach is to put money in an offshore account. You have to uncover the money if you wish for it to be considered by the court when your assets are divided, so you can get what is owed to you under the law.

Legal services you may need in a high asset divorce

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.

How are stock options handled in a divorce?

Stock options are treated in the same way as any other asset in an Illinois divorce case. They will be divided up as the court decides. However, it can be easy to forget about this type of property or to overlook them. It is important to ask about whether your spouse has them and to do a check of investments for yourself, both because it is easy to overlook them and because they’re easy to hide. If you do not know about them, they will not be included in the division of your assets.

How do I protect my business in a divorce?

In Illinois, a business that is considered marital property could be up for grabs in a divorce. According to Crain's Chicago Business, divorce could lead to bankruptcy for a company, especially if a spouse is involved in the management or operations. Even if your spouse is not involved, your portion of the business may be at risk, which puts the whole company on shaky ground.

What is grey divorce?

The idea of grey divorce, which is defined as divorce in people over 50, is becoming more common today. So many people in that age group have started to divorce their spouses that the grey divorce term was specifically created for that demographic. Between 1990 and 2010, the rate of people in the over-50 age group who were getting divorced actually doubled. There is no indication that this rate will slow down any time soon, so more grey divorces will be seen in the future. It can be difficult financially, hard on adult children, and stressful overall, but it can also be the right thing to do for many people.

Marriage and divorce tips for business owners

For married Illinois couples, splitting up assets can be one of the most challenges and contentious parts of getting a divorce. Obtaining proper valuations for all assets and then determining which spouse will receive which asset or parts of assets is no easy task. When a primary marital asset is or could be a business, the challenges can increase even more. Other people such as employees and even other owners or shareholders may be involved as well as the spouses themselves. Knowing how to handle these situations requires great care.