Every divorce is unique. However, a high-asset divorce can present unique challenges that other divorces don’t. In a high-asset divorce, there is a lot on the line. One simple mistake, such as an incorrect valuation or missing an asset, can impact your life for countless years. Court orders for divorce are generally final, making it imperative that you get things right the first time. You can turn to an experienced Chicago high-asset divorce attorney to help you accomplish this. Here are some challenges that your high-asset divorce might present.
Valuation of Assets
While most divorces might involve a house, car, retirement account, and perhaps a rental property, high-asset divorces can have much more. Some assets aren’t owned in the spouse’s name but under different types of companies. Many of these assets can be difficult to value, such as pre-IPO stock or partnership holdings. It’s critical that financial and forensic experts complete a proper valuation. When there are many complex assets, the valuation period can be lengthy.
Any divorce has the potential for a spouse to hide assets. In a high-asset divorce, the chances increase. If a spouse is successful in hiding assets, you won’t get what you deserve. Hiring a seasoned Chicago high-asset divorce lawyer can help ensure that all of your assets are accounted for and that your spouse isn’t hiding anything from you or the court. In some divorces, assets aren’t intentionally hidden; they can become lost or forgotten among all the other assets. An attorney and their financial professionals can help you identify them.
A Longer Process
The quickest divorces are the ones that aren’t contested and don’t involve many assets. High-asset divorces are more likely to be contested and involve many different types of complex assets. Not only must the assets be found and valued, but they may also need to be liquidated or transferred to the other spouse so that equitable distribution can occur. This process takes more time, requiring more patience from divorcing spouses.
While most low and middle-income families rely on regular paychecks to pay their bills, high-asset families often amass income in the form of rents, bonuses, royalties, and dividends. They might also have access to other benefits like the use of a company car or credit card. Their income is significant but unpredictable. Erratic income can make it much more challenging to untangle all the finances and identify what type of income each spouse receives. Experienced Chicago high-asset divorce attorneys know how to handle this challenge so that your divorce is settled the way it should be.
You Can Rely on a Chicago High-asset Divorce Attorney
At the Law Offices of Martin A. Delaney, our Chicago high-asset divorce lawyers are highly familiar with all the unique challenges presented in a high-asset divorce. We aren’t afraid to face these issues head-on so that we can be your best advocate. You can rely on us to provide comprehensive representation in your high-asset divorce. Contact us today to schedule a divorce consultation.