High Net Worth Couples Experience More Difficulties During Divorce
Posted on January 23, 2023 in DuPage County Divorce Attorneys
Two motivated, ambitious, and hardworking partners are often found in high net worth relationships. These couples can amass sizable fortunes both before and throughout the years of their marriage if they combine prudent spending and great investing habits. And although this might be advantageous in many ways, a high net-worth couple's financial portfolio may cause more issues than it solves if they decide to get a divorce.
Here are some obstacles to be aware of if you are thinking about divorcing and are concerned about how it could affect your financial situation.
High Net-Worth Divorces Take Longer
Due to the careful, thorough treatment required by a vast asset portfolio, high net-worth divorces typically take longer to conclude. As a general rule, any property bought during a marriage with marital monies is marital. However, couples must first evaluate how much of any particular item is personal and how much is marital. Even private assets, nevertheless, might become mixed up with marital assets, occasionally necessitating the need for intricate asset tracking and appraisal.
Even though it could be alluring to skip engaging pricey asset valuators or forensic accountants, proceeding cautiously throughout the early phases of asset categorization is crucial to protecting your financial wellbeing and making sure you receive a just financial settlement.
Unique Assets in High Net-Worth Divorce Cases
High net-worth people may have distinctive interests and pastimes. Having a collection of things connected to these interests may bring great happiness and increase a couple's wealth. Financial affidavits must include a list of these goods and a good-faith attempt must be made to estimate their worth. It may take some time, and experienced professionals who are able to determine the worth of these artifacts are needed.
Family companies may also be involved in a high net-worth divorce, and they too need to be handled carefully. If there are any prenuptial or postnuptial agreements in place, the spouses and their lawyers should carefully assess whether they are enforceable and will have an impact on the asset distribution procedure.
More Privacy in High Net-Worth Divorce Cases
Due to their frequent involvement in the public eye, high-net-worth individuals will understandably wish to keep the specifics of their divorce as private as possible. An attorney with experience in high-net-worth divorces can assist a couple settle their disagreements out of the public view and take efforts to reduce the public specifics of the divorce.
Contact DuPage County High Net Worth Divorce Attorney
An attorney with experience managing these types of cases must take additional care and thought while addressing high-asset divorces. Schedule a free appointment with our Wheaton Illinois high net worth divorce attorney to find out how the Andrew Cores Family Law Group would assist you handle your divorce.
Source:
https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000
