Tag Archives: DuPage County high-asset divorce attorney

Hinsdale IL high net worth divorce lawyerIt does not matter whether you have $100 in your bank account or all of the money in the world -- divorce is just as tough, both emotionally and financially, whether you are rich or poor. Many people think that couples who have more money tend to have an easier time if they get divorced, but that is not actually true. If anything, these couples experience just as much, if not more stress than couples with fewer assets. High net worth couples getting a divorce have a lot at stake, which is why it can be so emotionally and financially demanding for them. Here are just a few mistakes you should try to avoid if you have extensive assets and you are getting a divorce:

1. You Attempt to Hide Assets From Your Spouse

This mistake is a big no-no. Hiding assets from your spouse is not only rude, but it is illegal. When you enter into the divorce process, you are required to disclose all of your marital assets, which can be anything from checking and savings accounts to retirement accounts to vehicles and jewelry. Bottom line, do not try to hide assets from your spouse and his or her lawyers -- they will find out and you will pay for your actions.

2. You Forget About Tax Implications

Taxes are not something on most people's minds when they are getting a divorce. You are mostly focused on the here and now -- not what you will be paying in the future. Forgetting about tax implications is a costly mistake. Take spousal support for example -- currently, the person who pays it can deduct it from their taxes, and the person who receives it must report it on their taxes. This changes next year though, where the payor cannot deduct it, and the payee does not have to report it. Either way, tax implications can have a role in decision-making during your divorce.

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DuPage County business asset divorce attorneyIf you are a business owner, your business is most likely one of the most expensive assets that you own. Deciding who gets to keep the house is one thing, but a business is a whole other creature that can be difficult to divide when you are getting divorce

Your specific circumstances will determine how much of the business your ex is entitled to, but in some cases, he or she may be entitled to as much as half of the business. While a prenuptial agreement is the best way to ensure your business is protected in the event you divorce, not everyone gets one. Here are four ways you can protect your business during a divorce:

1. Get a Postnuptial Agreement

If you dropped the ball and did not have a prenuptial agreement in place when you got married, do not fret - you can still get a postnuptial agreement. Typically, a postnuptial agreement in Illinois has the same type of clauses and information about what would happen in the event of a divorce, you are just signing it after you are married, rather than before. But beware, if you try to enter into a postnuptial agreement after you have already made the decision to get divorced, your agreement may not be upheld in court.

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Hinsdale IL prenup agreement attorneyWhen you are engaged to get married, one of the last things on your mind is divorce. Though it is not a romantic topic, or even one that you want to broach, thinking about what would happen if the marriage ended should be on your to-do list before you tie the knot. 

Talking with your partner about what divorce might look like in your case can help the both of you have peace of mind during the marriage and could make for a simple divorce if it does happen. Prenuptial agreements can help you sort out your finances and help determine how marital property is divided if you decide to call it quits. 

People enter prenuptial agreements for the security that they provide, so it is important that your agreement will hold up in court. There are several mistakes that can make your prenuptial agreement invalid, and many times these mistakes occur when one or both spouses does not retain counsel when agreeing to a prenup.

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high-asset divorce, complex property litigation, Illinois high-asset divorce attorney, agressive divorce lawyer, 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.

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