Experienced Property Division Attorneys Handling Complex Assets in Wheaton, IL
Dividing the marital estate in high-asset divorce cases is a complicated task that requires the assistance of experienced attorneys. When you have significant assets to protect, you can trust the financially adept DuPage County complex property division lawyers at Musielak & Rosinski LLC.
Because we have considerable experience with high net-worth divorce, our attorneys understand the work that is involved in these types of cases. We have the resources to undertake the investigation and research necessary to find hidden assets, value sophisticated assets, and recommend intelligent strategies. Our firm works with financial experts, such as financial planners, forensic accountants, and tax experts. We understand how much your financial situation matters, and we will work diligently to do the necessary investigation, research, and analysis to protect your interests.
Equitable Distribution of High Net-Worth Estates
Illinois is an equitable distribution state. Equitable distribution does not necessarily mean that marital assets will be divided equally between the parties. Instead, the court strives for a distribution that it considers fair. For this reason, you want an attorney who can argue convincingly for your property rights.
In a high net-worth estate, marital assets may include:
- Businesses and partnerships
- Professional practices
- Privately and publicly held companies
- Stock options and portfolios
- Pensions and benefit plans
- Retirement plans, IRAs and 401(k)s
- Real estate holdings
- Jewelry, art, vehicles, boats and high-end furnishings
With our business law practice, we have experience with all aspects of corporate law, including the tax consequences of each type of business entity. We also understand the dissolution of businesses, including their stocks. This knowledge is very valuable when we are advising clients who own businesses as part of a marital estate.
What Is Dissipation?
Dissipation refers to a spouse spending marital funds for reasons unrelated to the marriage after the marriage has already begun to fall apart. Common examples include lavish gifts for an affair partner, excessive gambling losses, or reckless spending intended to reduce the amount of marital assets available for division. Illinois courts recognize dissipation claims and can require the spouse responsible to reimburse the marital estate for funds that were wasted.
Proving dissipation requires more than a gut feeling of unreasonable spending. The spouse making the claim must identify specific transactions and show that the funds were spent for a purpose unrelated to the marriage during a period when the marriage was undergoing an irretrievable breakdown. Bank statements, credit card records, and other financial documents can help support a spouse's claim of dissipation. Once dissipation is established, the court can adjust the property division to account for the funds that were lost, effectively crediting the other spouse for the loss.
Should You Consider a Prenuptial or Postnuptial Agreement for Your Property?
Prenuptial and postnuptial agreements allow couples to define in advance how property will be divided if the marriage ends, as opposed to leaving the decision to the judge. These agreements can be useful for spouses who own a business, have significant separate assets, or want to protect an inheritance from being treated as marital property.
A prenuptial agreement is signed before the marriage, while a postnuptial agreement is signed afterward, but both serve a similar purpose. For an agreement to hold up in court, it generally must be entered into voluntarily, with full financial disclosure from both spouses, and without unconscionable terms. Working with an attorney to draft or review one of these agreements can help ensure it will be enforceable if it is ever needed.
Contact Our Wheaton Marital Property Division Lawyers
At Musielak & Rosinski LLC, we are here to help protect your present and future financial security during property division. Please call us at 630-344-6525 or contact our Wheaton, Illinois complex property division attorneys to schedule a free consultation. We have offices in DuPage County and Kendall County.