A high-asset divorce usually involves intricate financial portfolios, such as multiple properties, business ownership, or extensive investments. These cases require specific legal knowledge and financial professionals to accurately value and divide wealth while protecting your long-term security.
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High-Asset Divorce
Rolling Meadows High-Asset Divorce Lawyers
A divorce can often become more complicated or hostile when large amounts of money and assets are involved. These high-asset divorces should be addressed by an experienced divorce attorney who can advise you of your rights and options.
We at Heckman Law are dedicated to handling all types of family law matters, including complex divorces. Using our more than 10 years of experience as trial attorneys and divorce lawyers, we work tirelessly to see that your rights are protected throughout the course of seeking a divorce and the awarding of the money and property you deserve. Contact our office online or call 847-705-8000 to schedule an appointment.
Palatine Complex Divorce Attorney
A high-asset or complex divorce may encompass issues such as:
Spousal Maintenance
Also known as alimony or spousal support, spousal maintenance is nearly always an issue in a high-asset divorce. All factors, such as the age of the parties, monetary contribution to the marriage, and length of the marriage, among others, must be considered when the amount of spousal maintenance and alimony is being determined.
Property Division
Real estate, bank accounts, retirement accounts, personal property, vacation homes, and cars are just some of the types of property that are divided according to the law of equitable distribution in Illinois. This means that all assets are divided equally and fairly, but not necessarily 50-50 between the parties.
Business Valuation
High-asset divorces often involve closely held or family businesses. In order to ensure that assets are properly divided between the two parties, a thorough business evaluation must take place. We enlist the assistance of business valuation experts, forensic accountants and other professionals whenever necessary to see that the proper value of the business is reached.
Offshore Accounts and Hidden Assets
When there are large amounts of money at stake in a divorce, there may be numerous accounts in which assets are held. If a spouse has an offshore account, a foreign account, or is suspected of hiding assets, our firm can take action to ensure that all documentation is provided and money is accounted for.
Debt Division
Some high-dollar divorces also involve numerous debts. Marital debts, such as medical bill debt and credit card debt, are divided according to the law of equitable distribution in order to prevent one party from being responsible for an unequal amount of the debt.
Contact Our Schaumburg and Palatine High-Asset Divorce Attorneys Today
Please contact our office for a free initial consultation to discuss your questions and concerns about your high-asset divorce. An attorney at our office can evaluate your situation and determine how any potential outcomes may impact your life.
FAQs About High-Asset Divorce in Illinois
How does the court handle multiple real estate properties?
Real estate, including primary homes, vacation properties, and commercial real estate, typically requires professional appraisal. Once we establish the current market value of each property, we can negotiate a fair division. (For instance, one spouse might keep the vacation home, while the other retains a commercial property of equal value.)
Can I keep the wealth I brought into the marriage?
Assets you owned before the marriage, or acquired through a personal gift or inheritance, generally remain your separate property. However, for them to be designated as separate, you must avoid mixing those funds with marital money.
What happens if someone deliberately conceals marital property?
Illinois courts take the concealment of assets very seriously. If a spouse tries to hide money or transfer property to avoid its division, the court can penalize them. The judge may assign the dishonest spouse penalties or award the innocent spouse a larger share of the remaining assets to compensate for hidden wealth.
How does the court determine spousal maintenance for high-net-worth couples?
Spousal maintenance, also known as alimony, depends on several details. The court looks at the standard of living established during the marriage, the income capacity of each person, and the specific financial contributions each spouse made over the years, among other factors.
Contact our office to arrange for a free initial consultation and review of your case.
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