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High-asset divorce concerns and considerations

Every divorce case is different and can present a number of unique challenges, but cases involving large amounts of separate and marital property can be especially difficult to resolve. Illinois couples considering the prospect of divorce are often overwhelmed by the many emotional, financial and practical changes to their lives. As a result, some people end up making impulsive and/or uninformed decisions during the divorce process that can have real and lasting consequences on their overall well-being and financial security.

According to CNN, there are many mistakes that are prevalent in high-asset divorce cases. Too often, divorcing couples with large amounts of marital property fail to receive the level of legal advice and guidance they need to engage in fair and equitable property division. Another major issue that many people experience is failing to account for the tax consequences of asset division and distribution. For instance, the amount of spousal support that a person actually receives can be diminished considerably after taxes are imposed.

Forbes explains some of the factors that people can take into consideration as they approach property division proceedings in order to reach a reasonable and lucrative divorce agreement. For instance, people are encouraged to think of life insurance policies as vital resources that can play a major role in high-asset divorce proceedings. Life insurance policies are not always included in financial reports, and may not consequently be valuated and distributed accurately. Beyond that, divorcing parties are advised to analyze the lifestyle they maintained during their marriage in order to reach a post-divorce arrangement that is true and fair to all parties involved.

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