Preparing for High-Asset Divorce in Illinois
Posted on March 20, 2024 in High Asset Divorce
High-asset divorce may take longer than most other divorces in Illinois. The process of accounting for and equitably dividing your assets can take time and require the skill of an experienced DuPage County, IL high-asset divorce lawyer. You and your spouse likely have complex shared assets like investment accounts, stock holdings, or ownership interest in a corporation. These assets can be difficult to divide equitably due to their fluctuating or uncertain value. It is important to find skilled representation from an attorney who regularly takes on high-asset complex divorce cases. This is especially critical if you suspect that your divorce will need to be tried in court.
Plan for Litigation
High-asset divorces are more likely to be litigated because there is more at stake. Your divorce is even more likely to be litigated if you or your spouse will demand alimony or if you are deeply in conflict with one another. Your attorney will likely want to begin gathering the evidence you will need immediately.
Learn Complex Asset Division Strategies
If you are pursuing a collaborative divorce, you and your spouse have numerous innovative options for dividing your assets. Stock portfolios can be split based on current or predicted value, or one spouse may take the entire portfolio and provide the other spouse with substitute assets of equivalent value. If you own a business, one spouse may buy out the other’s ownership interest, or you may choose to continue operating the business together if your divorce is amicable.
Look for Hidden Assets
Hiding assets is fairly common when a high-asset couple gets divorced. Your attorney can conduct a search to find any property or financial accounts your spouse has not told you about.
Plan for Your Children’s Future
Illinois parents can plan for their child’s college expenses during the divorce process. You and your spouse may want to create a plan for paying your child’s college tuition and covering their room and board while they study. You can create a separate college fund or indicate which parent will be responsible for which expenses. If you have a child who is disabled and will require care as an adult, you can plan for these costs as well.
Get a Business Valuation
If you own a business, you need to know what your company is worth before you can start the process of dividing it equitably. An impartial professional valuator can be brought in to conduct the valuation.
Contact a Wheaton, IL High-Asset Divorce Attorney
Andrew Cores Family Law Group is highly skilled in complex and high-asset divorce. Our DuPage County, IL high-asset divorce law firm has been serving Illinois families since 1996. Contact us at 630-871-1002 for a complimentary consultation.
