Handling a High Net Worth Divorce in Hinsdale

 Posted on November 18, 2022 in Family Law

According to the United States Census Bureau, Hinsdale has a median household income of $206,701 and a median value of $882,700 for owner-occupied housing units. Many families in the Hinsdale area have significant assets, so it is not uncommon for some spouses to find themselves involved in a high net worth divorce that can be more complicated than other divorces.

The truth remains that people with greater net worth often have complex financial circumstances, and dividing property in these cases can often prove to be quite contentious. When one spouse is also a business owner, this can affect the property division process significantly.

Common Issues in High Net Worth Divorces

When spouses are considered high net worth, then they are more likely to have a multitude of complicated issues to address. Some of the most common may include:

• Real Estate — A high net worth married couple may own several homes. Appraising and dividing multiple properties can be complicated.

• Tax Issues — All spouses in high net-worth divorces need to work closely with their lawyers to understand possible tax consequences associated with their agreements.

• Valuables — High net-worth couples often own several high-value items, such as luxury motor vehicles, artwork, jewelry, or other collectibles and high-end items that will need to be accurately valued.

• Spousal Support — When one spouse is the clear breadwinner in a family, the other spouse may petition the court for spousal maintenance or alimony. 

• Financial Accounts and Investments — High net-worth couples usually have significant extensive investment portfolios that can include stocks, bonds, or other financial instruments.

• Publicity — Certain high-net-worth individuals may be entertainers, politicians, or other individuals in the public eye who want to ensure their personal information stays private during the divorce.

Call Us Today to Speak with a DuPage County High Net Worth Divorce Attorney

If you are preparing to enter a high net worth divorce in Illinois, you are going to need to be sure that you have legal representation so you can be confident that you are achieving the resolution that will be in your long-term best interests. Get in touch with the Hinsdale high net worth divorce lawyers at Law Office of Martoccio & Martoccio as soon as possible to begin exploring all of your options and understanding what steps you will need to take.

Our firm understands how stressful these kinds of splits can be for people, and we will work closely with you throughout your case so you can keep everything that is most valuable to you. You can call 630-920-8855 or contact us online to take advantage of a free initial consultation.

Sources:

https://www.census.gov/quickfacts/fact/table/hinsdalevillageillinois/PST045221