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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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DuPage County divorce attorney

Divorce is already difficult enough. Adding the stress of being in the public eye can make the divorce process even more daunting. If you or your spouse is well-known or you simply value your privacy, you may have concerns about confidentiality during a divorce. One legal tool for protecting your privacy during your Illinois divorce is a confidentiality agreement. A confidentiality agreement or non-disclosure agreement is a legal contract that prohibits parties from sharing certain information. If a party breaches the contract, the non-breaching party may be entitled to damages. Confidentiality agreements are often a crucial component in protecting privacy during a high-profile divorce.

When Should A Divorcing Couple Utilize a Confidentiality Agreement?

If you are ending your marriage, you will likely be divulging financial data and other sensitive information during the divorce process. You may even participate in a psychological evaluation, medical evaluation, or home study for child custody-related purposes. Details about marital misconduct such as an affair may also come up during the divorce. If you are a business owner, you may be divulging information like business financials, practices, client information, or other proprietary information. Understandably, you may be worried about this type of information falling into the wrong hands. Information you share with your attorney is already protected under attorney-client privilege. However, any information you share with third parties such as accountants is not automatically protected. A confidentiality agreement can be used to keep confidential information from being shared with the media or other parties.

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Cook County asset division attorney

Marriage is not only a romantic relationship, but it is also a financial partnership. Consequently, the complexity of any divorce case is largely determined by the couple‚Äôs finances. Divorcing couples who do not own significant assets are often able to resolve divorce issues such as property division much faster than those with more complicated financial portfolios. Many high net worth individuals own assets such as business holdings, real estate, stock options, and more. These complex assets can significantly influence the divorce process. Therefore, if you are contemplating divorce, it is crucial for you to have legal assistance to ensure your rights are protected during the proceedings.

Determining the Worth of Hard-To-Value Assets  

Typically, the more wealth an individual has, the more likely he or she will be to have put that wealth toward investments. High net worth individuals may own a variety of assets in many different classes. Many of these assets may not be owned by the person himself or herself, but they may instead be contained in businesses, holding companies, or investment structures. For example, he or she may own assets such as retirement plans, pensions, life insurance policies, stock options, restricted stock, brokerage accounts, and deferred compensation. An individual may also have invested in fine art, an extensive wine collection, antiques, or other high-value items. Before these assets can be fairly divided during a divorce, the assets must be properly inventoried and valued. In many cases, the assistance of financial appraisers or other experts will be required to establish a value for all of the property owned by a couple.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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