Tag Archives: High Asset Divorce

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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Illinois divorce attorneyWhen a couple ends their marriage in divorce, separating their lives from each other can become very complicated. The process will require the resolution of a number of issues, including determining how to divide property, allocate parental responsibility, and calculate the amount and duration of child support or spousal maintenance. When couples have a large amount of assets, the complexity of these matters can increase exponentially, and mistakes made during a high net worth divorce can have long-lasting consequences. During a high asset divorce, couples should avoid making these mistakes:

  1. Not hiring a financial advisor. A high net worth divorce often involves a number of complex financial issues, including real estate, business valuation, and pensions, investments, and retirement accounts. In order to gain a full understanding of what both spouses own, earn, and owe, a financial expert’s assistance is often required. By consulting with a financial advisor at the beginning of the divorce process, couples can avoid unexpected complications and resolve financial issues as smoothly as possible.

  1. Hiding assets. Spouses in high net worth divorces may try to transfer some of their assets to a child or relative to avoid dividing these assets with their spouse, or they may try to keep from disclosing the full extent of their earnings in order to reduce the amount they will pay in child support or spousal support. Attempting to hide assets is not only illegal, but spouses who try to do so will lose their credibility and be at a disadvantage in any disputes that arise during the divorce process. It is important to provide accurate, complete financial information during divorce, which will allow the process to be completed more quickly and efficiently.

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Illinois divorce attorney, DuPage County family law attorneyThere is a societal fascination with those who have a substantial amount of money and those who are famous. Anything anyone does in these two categories becomes publicized on social media, publications, and other outlets. When a divorce is involved, it seems as though every move is under the lens of a microscope. The inconvenience of divorce being a part of public record does not help matters. What other issues face couples in a high net worth divorce and what mistakes should you avoid?

Hiding Assets

Occasionally, a mistake happens in which assets are forgotten, especially in estates where the assets spread throughout a large area. However, if someone is caught transferring money to another bank account, or to a child, or otherwise trying to hide money, the individual loses all credibility in a divorce case.

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Illinios divorce attorney, Illinois family law attorney, marriage, asset division, complex litigation,If you are contemplating a divorce, one of your first concerns may be how the divorce will affect your financial future. Dissolving a marriage will inevitably have an impact on both spouses’ financial circumstances. This is particularly felt in high-asset divorce cases. The higher and more varied assets you own, the more complex challenges may arise during divorce. Regardless of the specific assets involved, you will need experienced legal help during your high net worth divorce.

Complex and High-Asset Divorce

Perhaps the most financially relevant dispute in a divorce is property division. Illinois uses a property division standard termed “equitable distribution.” This means that both spouses receive a “fair” share of their marital property based on their individual monetary and non-monetary contributions to the marriage. According to state law, marital property generally includes all assets acquired during the marriage.

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Illinois divorce laws, DuPage County divorce lawyerA marriage does not automatically include a new spouse in a will. If you get married, you will need to change your will, otherwise your new husband or wife will not be included as beneficiary. Moreover, if you have an existing will, you must amend it or create a new will to add your new spouse.

Remember: a new spouse requires a new will.

Additionally, divorce does not automatically revoke your will. However, everything given to your ex-spouse under your will and upon your divorce is revoked. Illinois divorce also revokes your ex-spouse’s ability to act as your trustee or to administer your estate upon your death—pending you selected your ex-spouse to act as testator under your will (see 755 ILCS 5/4 7). Your ex-spouse is treated as though he or she has died before you.

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