Tag Archives: high net worth

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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divorce, disclose assets, DuPage divorce attorneyIn my Illinois divorce should I use formal discovery or should I rely upon my Spouse's written and oral disclosure of his assets?

What Is Formal Discovery in an Illinois Divorce? Formal discovery is done in many Illinois divorces. Illinois divorce law provides for formal discovery in many ways. You are entitled to obtain documents and records from your husband or wife, to have your spouse answer written questions known as interrogatories or have your spouse attend an oral deposition where your attorney can cross examine your spouse outside of court before trial and ask far-reaching questions about assets such as businesses, real estate, pensions and other retirement accounts or your husband or wife's dissipation of assets. In addition, Illinois divorce law allows people outside of your divorce, that is "third parties" to be required to provide documents, give testimony or other types of evidence.

Third party outsiders to your divorce can be required to testify at oral depositions conducted by your attorney. A wide range of questions may be asked of such third parties to determine your husband's or wife's assets or income among many other things. Expert witnesses such as accountants or business valuators may be hired by you to have your husband or wife's business, real estate, retirement accounts or pensions  evaluated.

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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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