Ending a marriage in which numerous assets are involved can be more complicated than the average divorce. Though high asset divorce can take more time and effort to complete, it does not have to seem impossible. Of course, most Illinois residents facing this type of case are likely worried about what will happen to their assets.
If parties want to protect their assets as much as possible during their divorce cases, they may want to start by inventorying all the assets and knowing what belongs to each person. Though much of the assets may be considered marital property, each spouse may also have separate property that will not be divided during the legal proceedings. However, it may be necessary to have evidence that certain assets are actually separate property; otherwise, the other party could make a claim to it.
Individuals who have a considerable amount of wealth and assets typically have professional help when handling their financial affairs. While this is certainly wise, it may also mean that a person may not have a full understanding of what is happening with his or her finances. It is important to obtain financial records to ensure that a person can account for all of the assets likely to be addressed in the divorce.
It can feel overwhelming to think of the many ways a high asset divorce can disrupt a person’s life. Fortunately, most Illinois residents likely have various ways in which they can work to mitigate the negative effects of ending a marriage. Parties who are interested in understanding their best options for protecting their assets may wish to consult with attorneys experienced in this type of case.