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Divorce is a challenging and emotional process, regardless of the assets involved. However, when it comes to high-asset divorces, the complexity of the situation increases significantly. The division of property, alimony, child support, tax implications, and complex business interests can make high-asset divorces more complicated than traditional ones.
In this guide, we will explore why high-asset divorces can be more complex than traditional divorces.
The division of property is one of the most contentious issues in any divorce case. In high-asset divorces, the complexity of the division of property is increased exponentially. There are often multiple properties, businesses, investment portfolios, and retirement accounts to divide. Valuing these assets accurately can be a daunting task, and a skilled attorney is required to ensure that the division of property is equitable.
In high-asset divorces, one of the spouses may try to hide their possessions to prevent their partner from receiving a fair settlement. This can be done by transferring assets to a third party, undervaluing assets, or failing to disclose certain assets. It is essential to hire a forensic accountant to disclose any hidden assets and ensure that both parties receive a fair settlement.
In traditional divorces, alimony is generally determined by the length of the marriage and the income disparity between the parties. In high-asset divorces, alimony can be much more complex. The parties may have multiple income streams, including investments, rental properties, and businesses. It is crucial to accurately value these income streams to determine the appropriate amount of alimony.
As per the Illinois Marriage and Dissolution of Marriage Act (IMDMA), child support is calculated based on the income of the parents . In high-asset divorces, computing child support can become notably complex, and the typical child support calculation guidelines may not apply. It is vital to engage an adept lawyer capable of precisely evaluating the children's requirements and guaranteeing that they receive a suitable level of financial support.
The division of property in high-asset divorces can have significant tax implications. For example, the transfer of property between spouses can trigger a capital gains tax, and the division of retirement accounts can result in tax penalties. It is crucial to work with an attorney who understands the tax implications of the division of property and can structure the settlement to minimize the tax burden.
In high-asset divorces, one or both parties may have complex business interests, such as partnerships or corporations. The valuation of these businesses can be highly complex and requires the expertise of a skilled attorney. Additionally, the division of these businesses can be challenging, and it is crucial to ensure that both parties receive an equitable share of the business interests.
If you are considering a divorce and have significant assets, you can choose to contact a Hinsdale high-asset divorce attorney who understands the nuances of high-asset divorces.
At the Law Office of Martoccio & Martoccio, we handle high-asset divorces. Our law attorneys can help value complex assets for settlements. Contact us today to schedule a consultation with one of our Illinois family law attorneys on 630-920-8855, and let us help you navigate the complexities of your divorce case.