Many issues arise when a couple in Illinois or elsewhere around the country decide to end a marriage. Regardless of socio-economic status, every couple must deal with the issue of property division and “who gets what” of the marital assets. However, those involved in a high asset divorce must deal with those issues on a large scale.
Every couple has to decide how to divide their bank accounts, automobiles, homes and other items of value. Yet, some couples may be dealing with splitting millions of dollars in property, jewelry, art, stocks or foreign accounts. Also, many clients are owners of businesses, and determining how to divide those interests is very complex.
The valuation of a business is often a stumbling block in property division disputes. Accusations between the couple may be made if one suspects that the other is hiding assets within the business or tries to undervalue its worth. In fact, many experts recommend a marital agreement, like a postnuptial agreement, when clients are business owners. The couple should determine what the valuation process would be, should a divorce occur, and include the details in an agreement.
Another issue that often arises is that one spouse is completely dependent on the other and has no knowledge of the couple’s financial situation. It is suggested that, while things are good in a relationship, it would be advantageous for the dependent spouse to have access to personal money and other assets. Should a divorce occur, the spouse would at least have some controllable funds. In this scenario, the spouse with no financial experience needs to work closely with a professional who will ensure that his or her needs are adequately addressed in the divorce.
Those going through a high asset divorce should seek the guidance of an Illinois divorce lawyer as soon as possible. An experienced attorney will work with clients throughout the complex divorce process. Every effort will be made to work in a client’s best interest to protect his or her assets and achieve the most favorable outcome possible in the divorce proceedings.