Divorce is almost always difficult. Even making the initial decision to leave your spouse can be extremely challenging. What follows is a process of untangling lives, separating assets, and allocating property fairly to each party. For those with substantial assets, however, divorce can be even more complicated. High-asset divorce is tricky for a number of reasons, and it is important that those divorcing with high-value assets choose an attorney with the knowledge and skill to properly assist their clients. Why is high-asset divorce more complicated? Most divorcing couples want to ensure they receive a fair settlement and that their assets are protected. The more assets a couple has, however, the more difficult separating them becomes.
Finding Assets
When a couple with significant wealth decides to separate, they must disclose all of their assets so that the marital estate can be properly divided. This can be difficult, as many high-net worth individuals have their money stored in a variety of different places. Retirement accounts, valuable items, off-shore investments, real estate, and all other assets must be located, disclosed, valued and equitably divided during divorce.
In some high-asset divorce cases, a spouse may attempt to hide assets from the other. This is not hard to do when working with multiple accounts and assets stored in a variety of locations and investment vehicles. Some parties require the assistance of a forensic accountant to meticulously comb financial records, investments, and bank accounts to ensure every asset is appropriately considered.
Protecting Assets
There are a variety of ways to protect your assets and investments during divorce. In some instances, you may be able to classify certain assets as non-marital property, thus making them exempt from property division. In other cases, you may need to negotiate a trade-off of sorts. This means that one spouse is able to hold on to a certain asset in exchange for giving up something else. For example, if one spouse wants to hold on to a certain retirement account, he or she may be willing to forfeit any claim to a particular parcel of real estate that is owned by the couple.
High-Asset Divorce Assistance
At MKFM Law, our attorneys have many years of combined experience handling a variety of high-asset divorce cases. If you are heading toward a high-asset divorce, or if you already believe your spouse is hiding assets from you, contact an experienced Kane County divorce lawyer. Call 630-549-0960 to schedule a confidential consultation with us today.
Source:
http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000
