Concerns Regarding High-Asset and Complex Divorce in DuPage County, IL
The divorces of actors Kelsey Grammer and Mel Gibson made the headlines in 2011. Kelsey Grammer and his now ex-wife, reality television star, Camille Grammer, who married in 1997, reportedly did not sign a prenuptial agreement. During Kelsey and Camille's 13 year marriage, they had two children and accumulated more than $100 million in assets. Kelsey also has two daughters from prior relationships and was engaged to be married while his divorce was proceeding. Kelsey was looking to end the marriage as quickly as possible.
Kelsey and Camille reached an agreement to resolve their case and eliminate the uncertainty in the division of the assets. However, if the parties' did not settle their case, without a pre-marital agreement in place, Camille would likely be entitled to at least half of the fortune amassed during the time the couple was together regardless of who earned the money. As they invested heavily in real estate with homes in several states, the values of each of these homes needed to be determined and the properties divided. The values of all their other property also needed to be determined. Some properties even may have to be sold to divide the property and the tax implications need to be determined.
Mel Gibson and his wife, Robyn of nearly 30 years had seven (7) children together and recently their divorce ended with Robyn receiving half of Mel Gibson's estimated $850 million estate. Like Kelsey and Camille, Mel and Robyn did not have a prenuptial agreement as such Robyn was entitled to at least half of the fortune amassed during their marriage including receiving two Malibu Homes valued at $22.5 million and half of every check that Mel receives for film residuals for the rest of his life.
Issues Involved in Complex Divorces
The Grammer and Gibson divorces are an example of complex divorces. Complex divorces may include high-asset divorces as well as complicated child custody matters. In such proceedings, experienced attorneys will do the necessary investigation so that a clear picture of the marital property and its value can be determined. The attorney will advise you along the way and protect your legal and financial interests.
In addition to the investigative work and analysis your attorney will do, the division of large estates often requires the additional expertise of financial professionals. Financial experts can aid in the evaluation of assets, help avoid negative tax implications, and facilitate planning for future financial needs. Forensic accountants can assist in tracing investments and locating hidden assets. An experienced attorney can assist you in determining what additional experts may be needed and working with that expert to protect your financial future.
In any divorce, case there are many assets that need to be considered in the division of marital property. Some of this marital property may include:
- Brokerage accounts (stocks, stock options, etc.)
- Pensions and retirement accounts (401ks, IRAs, stocks)
- Homes and other real estate
- Family businesses and professional practices
- Vehicles (cars, boats, motorcycles and recreational vehicles)
- Personal belongings (jewelry, art, furs)
Aside from material possessions, child custody and parental responsbilities can also be critical issues in complex divorces. When a couple is unable reach agreement on the matters of custody and parenting time, court proceedings often become very intense. Contested complex custody matters can be time consuming and require you to present detailed evidence about what is in the best interests of your children. You may also need a evaluator to assist the court in determining what is in the best interests of the children. An attorney can advise you of the steps you must take, advise you of our legal rights and assist you in gathering your evidence and presenting your case to the court in a clear, concise manner so that you may protect the best interests of your children.
If you are facing divorce, have substantial assets or expect conflict regarding child custody, parenting concerns, and visitation, contact an experienced divorce and custody attorney to assist you in evaluating your case and determining the next steps. The right lawyer can provide invaluable advice and skillfully advance your interests. The family law attorneys at Andrew Cores Family Law Group can assist you in your complex divorce by helping you understanding the process and the steps that must be taken to address your financial and family concerns.