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High Asset Divorce Archives

High asset divorce and business interests

The typical Illinois business owner often spends considerable time and effort establishing and maintaining his or her business. In some cases, the individual is the only family member involved; in other cases, the spouse and even the children become involved in the business. Regardless of family involvement, when the business owner becomes involved in a high asset divorce, the business can become a part of the process.

Those in high-asset divorce may be tempted to use Bitcoin

The rise of digital currencies throughout the world are giving wives and husbands in Illinois a brand-new way in which to hide their money during divorce proceedings. The reason these new currencies are so attractive to those aiming to conceal their marital assets is that they offer anonymity and privacy. Using these currencies, such as Bitcoin, may be especially tempting for those who have a lot to lose in a high-asset divorce.

The house, the mortgage and an Illinois high asset divorce

Purchasing a house is perhaps the largest investment that an Illinois couple makes during their marriage. In addition to the financial investment in the home, many discover that they have an emotional investment as well. When this happens, the home can become a source of contention between the two parties in a high asset divorce.

How to get an annulment in Illinois

Most people in Illinois probably have a good understanding of what a divorce entails. However, in some cases, a marriage may not be considered valid. Ending this type of relationship is done legally through an annulment. In Illinois, the ability to seek an annulment is dependent upon specific circumstances outlined under the law. According to Illinois General Assembly, there are four strict standards of which at least one must be true of the union. These standards include the following:

Protecting a business in a high asset divorce

Unfortunately, not all Illinois marriages are the happy unions most couples envision for themselves, and many choose to end their marriages. In addition to the emotional toll a divorce can have on a person, they may face financial burdens as well. This can be particularly true in the case of a high asset divorce. Luckily, there may be steps individuals can take to help protect important assets, such as a business.

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.