The divorce process can be challenging, and when a couple has a high net worth, the complexity of a case can increase significantly. In these situations, the division of assets becomes a critical aspect of the divorce settlement, and other legal and financial issues may also need to be addressed, such as spousal support or prenuptial agreements. High asset divorces often involve significant financial holdings, investments, and properties that need to be properly evaluated and divided. If you are going through a high net worth divorce in Wheaton, Illinois, it is important to understand the types of assets that may need to be addressed. An experienced divorce attorney can help ensure that your rights and interests are protected throughout the process. The different types of assets to address during your case may include:
Real Estate
Real estate properties are often some of the most valuable assets in a high net worth divorce. They can include primary residences, vacation homes, rental properties, and other commercial properties. It is important to determine the current market value of each property and consider factors such as mortgage debt, rental income, and potential tax implications. In some cases, it may be necessary to sell certain properties and divide the proceeds, while in others, one spouse may choose to keep a property and buy out the other spouse's share.
Business Interests
Business ownership may play a significant role in a high net worth divorce. Spouses may have ownership stakes in privately held companies, partnerships, professional practices, and investments in startups or other ventures. Valuing these business interests can be complex, and it often requires the assistance of financial professionals and forensic accountants. It is important to determine the fair market value of the business and consider factors such as future earning potential, liabilities, and the contributions of each spouse to the business's success.
Investments and Retirement Accounts
High net worth individuals often have substantial investments and retirement accounts that need to be addressed in a divorce. These may include stocks, bonds, mutual funds, hedge funds, and other investment vehicles. Retirement assets such as 401(k)s, IRAs, and pensions may also need to be divided. It is important to understand the tax implications and potential penalties associated with dividing these assets. Consulting with a financial advisor can help ensure that these assets are properly valued and divided in a way that minimizes the tax consequences for both spouses. An attorney can ensure that Qualified Domestic Relations Orders (QDROs) are created that will allow for the transfer of retirement assets without incurring taxes or early withdrawal penalties.
Artwork, Jewelry, and Collectibles
Couples with a high net worth may own valuable collections of artwork, jewelry, antiques, and other items. These assets can be difficult to value, and appraisers or other specialists may need to be consulted. It is important to consider factors such as the market value, authenticity, and sentimental value of these items. In some cases, it may be necessary to sell the items and divide the proceeds, while in others, one spouse may choose to keep certain pieces and compensate the other spouse for their share.
Intellectual Property and Royalties
For individuals who are involved in creative or intellectual pursuits, intellectual property and royalties can be significant assets. These can include patents, trademarks, copyrights, and royalties from books, music, films, or other creative works. Valuing these assets can be complex, and intellectual property attorneys or valuation experts may assist with this process. It is important to determine the fair market value of these assets and consider factors such as future earning potential and the contributions of each spouse to the creation or development of the intellectual property.
Offshore Accounts and Hidden Assets
In high net worth divorce cases, it is not uncommon for one spouse to attempt to hide assets or transfer funds to offshore accounts in an effort to avoid sharing them with the other spouse. Uncovering hidden assets often requires the assistance of forensic accountants and investigators who can trace financial transactions and uncover any attempts at concealment. If you suspect that your spouse may be hiding assets, it is important to consult with an experienced divorce attorney who can help protect your rights and ensure a fair division of assets.
Contact Our Wheaton High Net Worth Divorce Lawyers
If you are going through a high net worth divorce in Wheaton, Illinois, it is important to have experienced legal representation. An attorney who has handled these types of cases in the past can ensure that you are taking the correct measures to protect your rights. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our skilled DuPage County high asset divorce attorneys are here to guide you through the process of ending your marriage, and we will advocate for your financial interests and help you complete your case successfully. Contact us at 630-665-7300 to set up a consultation.
Sources:
https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
https://www.forbes.com/sites/heatherlocus/2019/01/10/what-jeff-and-mackenzie-bezos-and-all-high-net-worth-couples-need-to-do-to-avoid-a-messy-divorce/
https://finance.yahoo.com/news/surprising-reasons-why-divorces-messier-115500343.html
