High-asset divorces present unique challenges when untying the knot. The challenges become greater the longer a marriage lasts. All property that was acquired during the marriage is considered marital property. Even the value that property accrued during a marriage is considered marital property. This creates a situation in which some of the equity in a property may belong to one spouse, while the rest of the equity belongs to both spouses. Because of the unique issues that high-asset couples face, having an Arlington Heights high net worth divorce attorney on your side can expedite the process and help you avoid any of the major pitfalls that are common in high-asset divorces.
High-asset divorces present challenges when dividing the couples’ estate. A spouse may have purchased a property or business before a marriage began, but the property or business can accrue value during the marriage. So part of the property will belong to the individual spouse while the other part of the property belongs to the marital estate. Appraisers are generally brought in to establish the current value of a property or business and determine its value at the beginning of the marriage.
Other issues involve:
Many investments involve unstable value, like stocks. Appraisers will consider these issues when deciding the value of individual elements within a marital estate.
Aside from property appraisal and distribution, high-asset divorces present other challenges, as well. When those of more modest means untie the knot, they have to decide on who gets the house, their few valuable assets, child visitation and custody, and alimony and child support. However, the court will consider a spouse’s standard of living when awarding alimony. This can be much more contentious in high-asset divorces than modest-asset divorces.
SAM LAW OFFICE LLC has helped hundreds of couples untie the knot and begin new lives. High-asset divorces can be contentious and unpleasant as everything you have built together over the course of your marriage is assigned a value and split. Sometimes, the spouse who is not the primary breadwinner believes that the other spouse is hiding assets in trusts or offshore accounts. A skilled Arlington Heights high net worth divorce attorney can help you protect your interests and stake in your investments and help you lay the foundation for your future.