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A divorce is complicated in and of itself, but when you add large amounts of money and assets such as businesses, vacation homes, retirement accounts and the like, a divorce becomes even more complex. Anyone who is considering, or who is already in the midst of, a high-asset divorce should speak with an attorney immediately. An attorney can be an excellent resource and can help with division of property and other related matters that may arise in a high-asset divorce.
Property Division in a High-Asset Divorce
Like any other divorce case in the state of Illinois, in high-asset divorces, the court will consider numerous factors, as laid out in the Illinois Marriage and Dissolution of Marriage Act, in determining how marital property will be divided, such as any prenuptial agreements, the value of properties owned, each spouse’s needs, opportunity for future income and asset acquisition, and economic circumstances of each spouse, etc.
What makes a high-asset divorce any different when it comes to determining property division? The financial stakes are higher as they may involve commercial and personal real estate, vacation homes or rental property, retirement accounts, stock options, business assets, and more.
Beyond property division, there are additional concerns that a spouse may face when in a high-asset divorce. For example, business owners of professional entities may be concerned with the impact a divorce may have on the reputation of their business and their livelihoods. Some spouses may be concerned that the wealthier, higher-earning spouse will have an advantage as it relates to matters of child custody. These are all matters that should be discussed initially with an experienced attorney before taking any further steps towards divorce.
Find Divorce Attorneys Who Can Protect Your InterestAs in most divorces, division or distribution of property and assets are some of the main matters that need to be addressed and settled. When a couple owns few properties, few assets and has little funds saved up, the division of property and assets can be relatively simple. The higher the net worth of the couple, the more likely the possibility of a bigger battle in divorce court. If you know you will be facing a high asset divorce, seek out attorneys with experience and a reputation you know you can trust. The attorneys at Martoccio and Martoccio – located in Hinsdale, IL and serving all of DuPage, Cook, Kane, Kendall, and Will County – can assist you in accurately valuing your marital estate and will then aim to swiftly negotiate and settle your property division in accordance with your interests and in the most fair and equitable manner. Contact our Illinois family law attorneys today either online or at 630-920-8855, and we can set up your free initial consultation and start assisting you in any divorce or family law-related matter.