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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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What Are the Challenges of a High Net Worth Divorce in Illinois?

Posted on in Divorce

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’s 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.

Uncovering Hidden Assets

The more complex a person’s financial circumstances are, the easier it can be for him or her to hide assets during a divorce. Unfortunately, financial deception between married couples is not uncommon. In one study, over one-third of spouses surveyed admitted to lying to their spouse about money. Many confessed to hiding cash in secret bank accounts or lying about their income and debts. Divorcing spouses may try to manipulate property division, child support, or spousal support determinations by over-inflating their debts and expenses, under-reporting income or business revenue, concealing assets, or otherwise falsifying financial information. A forensic accountant may be needed to examine business and individual finances and look for clues of financial deception.

Illinois Spousal Maintenance

Spousal maintenance, also called spousal support or alimony, refers to payments that a higher-earning spouse makes to a lower-earning spouse after the divorce is finalized. This type of financial assistance is often awarded when there is a wide discrepancy in spouses’ incomes and property or when one of the spouses sacrificed educational or career opportunities for the betterment of the family. If a divorcing couple’s yearly income is less than $500,000, the amount of maintenance a spouse must pay is typically determined by statutory guidelines in Illinois. However, if the couple’s income exceeds this amount, judges have the option to deviate from these guidelines.

Contact a Cook County Divorce Lawyer

If you are a high net worth individual who is considering filing for divorce, you need a divorce lawyer who understands the unique challenges you will likely face. At Botti Marinaccio, LTD, our skilled Burr Ridge asset division attorneys have extensive experience successfully managing divorce cases involving high-value and complex assets. We will protect your rights to the marital estate and ensure that you receive a fair divorce settlement. Schedule a confidential consultation to discuss your needs by calling our office at 630-575-8585.

 

Sources:
https://www.forbes.com/sites/jennagoudreau/2011/01/13/is-your-partner-cheating-on-you-financially-31-admit-money-deception-infidelity-red-flags-money-lies/
http://www.ilga.gov/legislation/ilcs/documents/075000050K504.htm

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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