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Three Tips to Help You Financially Prepare For Your Cook County High-Asset Divorce

Posted on in Divorce

shutterstock_132478784.jpgThe process of untangling marital finances is complicated and often very messy. Divorce is already a tough process in many ways, but when significant financial issues are at stake, an already degrading relationship between spouses can quickly become hostile. Every divorce is different, with its own unique challenges and complexities, but there are certain steps divorcing spouses can take to prepare themselves financially for a high-asset divorce. 

Be Cautious When Acting on Advice

Everybody has an opinion when you get divorced. You may have a friend whose attorney recommended they take a specific action that yielded positive results; your mother may be certain that you need to do the exact opposite. Before you make any major financial decisions that could have long-term consequences, get help from financial experts and divorce attorneys who are familiar with the details of your case and can explain your options to you. Once you know the options, you can make an informed decision. 

Spend and Save Prudently

Although individuals in high-asset divorce cases may be accustomed to living a comfortable lifestyle, refrain from taking on any major financial expenditures before filing for divorce or while your divorce is ongoing. While you may be able to afford it, the appearance of conspicuous wealth can affect the negotiation process over child support and spousal support. Whether you anticipate giving or receiving support payments, be fiscally conservative and avoid flashy or showy purchases. Illinois courts have wide discretion when making decisions about support payments in high-net-worth cases that may deviate from standard formulas. 

Wait to Change Financial Beneficiaries

While it may be tempting to remove your husband or wife as a beneficiary from your life insurance, will, or retirement plan, experts say it is better to wait for those issues to be sorted out during legal proceedings. Spouses may unexpectedly be awarded a portion of certain assets, making the changes an expensive waste of time. Worse, if changes are made to beneficiaries during ongoing divorce proceedings without permission from the court, you could be held in contempt of court. Be patient and let the process work itself out. 

Call an Experienced Cook County High Asset Divorce Attorney 

Dealing with finances during divorce is never easy, but it can be especially complicated for high-net-worth clients who have complicated financial affairs. If you are getting divorced and want the assistance of a savvy Hinsdale, IL high asset divorce attorney, the law firm of Botti Marinaccio, LTD. may be able to help. We have handled many high-conflict cases involving valuable assets and complex financial matters and we advocate passionately for our clients, no matter their financial position. Call us today at 630-575-8585 to learn more.  

 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000 

https://www.nerdwallet.com/article/finance/7-ways-to-prepare-your-finances-for-divorce 

 

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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