People in Illinois who have made the decision to end their marriages have good reason to be concerned about their financial futures. A divorce can negatively impact people financially. This is true in any situation but for people with significant assets or income, the potential losses can be extremely high. A complex asset division dispute may involve many different elements and require input from specialists in select areas.
Following are some of the items that require additional care during the divorce of a high-profile couple or a high-earning couple:
- Stock options not yet vested can still be subject to asset division in a divorce. In addition to determining a value for the options, it is important to identify which spouse will be responsible for the payment of taxes associated with the options.
- It may be necessary to split a 401(k) or other retirement plans. Another option can be for one spouse to buy the other spouse out as part of an overall equitable settlement.
- When appropriate, business valuations must be obtained. These should factor in all accounts payable and receivable, assets and debts of the business. The general health of the business and projected future of the business may also contribute to its overall value.
- Artwork, antiques, jewelry or other items that may be very valuable can also be considered marital property.
A high-asset divorce can include one spouse with an income or asset profile far greater than the other spouse. Watching out for any hidden assets can also be a concern, especially in these situations.
To learn more about what issues may arise in a high asset divorce, please visit our website.