High Asset Divorce Issues

 Posted on May 26, 2017 in Family Law

There is a societal fascination with those who have a substantial amount of money and those who are famous. Anything anyone does in these two categories becomes publicized on social media, publications, and other outlets. When a divorce is involved, it seems as though every move is under the lens of a microscope. The inconvenience of divorce being a part of public record does not help matters. What other issues face couples in a high net worth divorce and what mistakes should you avoid?

Hiding Assets

Occasionally, a mistake happens in which assets are forgotten, especially in estates where the assets spread throughout a large area. However, if someone is caught transferring money to another bank account, or to a child, or otherwise trying to hide money, the individual loses all credibility in a divorce case.

Agreeing to Everything

Just because the funds are there and you are in a hurry to get out of the spotlight does not mean that you have to give in to your ex’s every demand. In fact, doing so can result in long-term financial failure. Make it a point to analyze the whole situation.

Behaving Out of Guilt

Even if you did something wrong or if you are the one choosing to leave, make it a point to recognize that the divorce should be as clean cut as your business. Do not let guilty emotions allow you to give everything away. Doing so puts your future, the one for which you worked tirelessly, at risk.

Forgetting Tax Repercussions

Taxes form a large part of a high asset divorce. Be sure to include those considerations during calculations, because although you may have funds available to pay now without a problem, at tax time, you may run into difficulty.

Failing to Investigate Information

Do not take everything your spouse says at face-value. Invest wisely in the beginning by hiring experts to investigate assets and evaluations. Failure to complete this step may save you money initially, however, can hurt significantly over the duration of your future.

Assuming You Can Do It On Your Own

One mistake common among divorcing couples who have a significant amount of assets is to assume that because they have the legal knowledge and a thorough understanding of business that they can handle divorce on their own. Although you may be able to spot inadequacies in a business deal, and you have successfully amassed wealth directly from your excellent abilities, understand that your spouse may know how to push your buttons better than any business adversary; this intimate, personal insight can dramatically shift any divorce negotiation. It is always a good idea to have your questions answered by an attorney specializing in family law. Doing so may make the difference in your future and can protect your business.

If you would like to discuss your concerns with a DuPage County, IL high asset divorce attorney, contact the Law Office of Martoccio & Martoccio today. We proudly offer you a free initial and confidential consult, which you can utilize simply by calling us today at 630-920-8855.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2086&ChapterID=59

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000