Hinsdale High-Asset Divorce Lawyers
Tips and Tactics for High-Income Divorce
High net worth couples have special problems and unique challenges in divorce, particularly in matters of property division. As an established law firm our lawyers at the Law Office of Martoccio & Martoccio have been representing clients in high net worth and high-income divorce cases in Hinsdale, Oak Brook, Burr Ridge, Illinois and other towns in Illinois for more than 30 years.
We live in and about our Hinsdale, Oak Brook and Burr Ridge community and understand that high net assets and high incomes do not come easily to those who earn them. We have the skill and experience in working with complex property division issues as well as asset protection and uncovering hidden assets.
Many high-income or high-asset couples do not know that Illinois does not follow the rules of a community property state where assets must be divided equally. Rather, Illinois law provides for an equitable distribution of martial property which is quite a different system. In Illinois marital property does not have to be divided equally but rather in a manner that is fair taking into account the couples financial and life circumstances. While high net worth couple divorce cases frequently involve complex financial circumstance, dividing these interests in a divorce requires first valuation of the estate and classifying of those assets as marital or non-marital property.
Our attorneys are highly skilled in both valuing and classifying of high net worth marital estates. When necessary, we work with experts that specialize in the areas of appraising and accounting to ensure our clients' interests are protected. We have access to many types of forensic experts whom over lawyers have developed working relationships with throughout our practice, and who can determine the value of assets that are complex or simply difficult to value.
Our lawyers at Martoccio & Martoccio have extensive experience in the negotiation of high net worth and high-income divorce cases and we use those skills to resolve many of our cases out of court and without a trial. On the other hand; we have the experience as trial lawyers to litigate for our clients effectively in court. As counselors and trial lawyers we understand how to negotiate and advocate for our high net worth and high-income clients in divorce.
Our Best Advice: Start with a Specific Plan
The first challenge is to understand that a high net worth and high-income divorce case must begin with a specific plan of action. Many divorce cases are handled by lawyers who are reactive and continue to be without a plan throughout the divorce. The result is unnecessary and costly delay. Whether you are contemplating an immediate divorce or preparing for a future divorce do so with our competent legal advice at Martoccio & Martoccio. Just as you would not start a journey without a road map for directions so you should not begin a high net asset divorce without a plan. Lead time or advance planning is literally worth is its weight in gold.
Begin your high net worth and high-income divorce case by the following these steps:
1. Prepare a global balance sheet of assets and debts.
Gather the necessary accounting, and business records reflective of a high net worth case and use them to prepare an all in compassing work in progress balance sheet.
2. Identify matters which may become issues and address them.
Our attorneys at Martoccio & Martoccio have the years of experience to identify the areas that may develop into issues. To that end we have established relationships with expert business evaluators, expert forensic accountants, and expert financial consultants who we know and trust. These experts are frequently most helpful in the planning stages of a divorce. Establish clear and defined goals with the help of our experts.
3. Take the emotion out of the outcome.
Once you have a plan, it is all too easy to have emotional issues overwhelm or side track your good judgment. We will help you avoid those pitfalls. At Martoccio & Martoccio, we counsel and represent clients in all matters pertaining to high net worth divorce including:
- Business Valuations;
- Real Estate Valuations;
- High-Value Asset Appraisals;
- Asset Protection;
- Uncovering hidden assets and undisclosed asset transfers;
- Tracing of cash or share interests to determine to what extent these assets are marital and subject to division;
- Enforcing or challenging prenuptial and postnuptial agreements;
- Preparing postnuptial agreements in anticipation of a future divorce; and
- Solving complex income tax issues so that we can advocate for our client and protect that client’s share of the marital estate.
While we seem to be saying that high net worth and high-income divorce cases are always complex and always challenging, they do not have to be so. Being fully prepared is first and foremost to implementing your plan. While settling these matters outside of court saves both time and expense. Our first goal is that we always want the best outcome for our client. Contact the Law Office of Martoccio & Martoccio today at 630-920-8855 for a free consultation.