Confidentiality Agreements in Illinois High-Asset Divorce Cases

 Posted on April 05, 2023 in Family Law

For high-income individuals, confidentiality is often an especially pressing concern during divorce. When spouses are well-known in their communities, protecting sensitive information is crucial. Whether you or your spouse are business moguls, entertainers, artists, or are otherwise well-known in your community, protecting your confidentiality may be one of your top priorities during divorce.

Confidentiality agreements or non-disclosure agreements can be useful tools for protecting proprietary or sensitive information during divorce. Read on to learn more.

Protecting Confidential Information During a High-Profile Divorce

Divorce inevitably requires spouses to exchange sensitive information, including details about assets and income, child-related concerns, debts, and much more. Understandably, many spouses worry about this information being leaked to the public or used against them. In the world of social media, information is shared across the globe in the blink of an eye. A confidentiality agreement can be used to protect company financials, personal financial information, personal medical information, child-related information, or any other facts you do not want to fall into the wrong hands.

Business owners are often especially interested in protecting financial information. Consider a business owner who is interested in selling his or her company. If the value of the company and detailed information about the company's assets and liabilities is leaked, this could significantly influence the business owner's ability to negotiate a price and sell the business. However, non-business owners may also wish to protect confidential information during a divorce. For example, celebrities may wish to ensure that sensitive information about their family dynamics or personal financial information does not end up on the Internet or in gossip magazines.

Confidentiality Agreements Should Be Detailed and Reviewed by a Lawyer

Confidentiality agreements can be used to protect sensitive information in a divorce and dictate exactly how information may be used or shared during the case. Non-disclosure agreements or confidentiality agreements should clearly explain what information is proprietary, the circumstances under which information may be shared, and to whom information may be shared. Make sure to have a skilled lawyer review your confidentiality agreement to ensure that it is legally enforceable.

Contact our Hinsdale Divorce Lawyer

Celebrities, business owners, and other individuals who are well known either locally or nationally may need to take additional steps to protect confidential information during their divorce.

If you are getting divorced and you have special needs and concerns due to being in the public eye, consider working with a DuPage County divorce lawyer from Law Office of Martoccio & Martoccio. Our skilled team is familiar with the complexities involved in high-asset divorce cases, including the need for confidentiality. We can help you put the necessary legal protections in place and provide skilled advocacy throughout your divorce case.

Call our office today at 630-920-8855 for a free, confidential consultation to learn more about our services.

Source:

https://www.forbes.com/sites/frawleypollock/2020/07/30/do-you-need-a-confidentiality-agreement-for-your-divorce/