Going through a divorce can be a complicated, time-consuming, and emotional process. This is true regardless of the types of assets that a couple owns. For instance, heated custody battles can take months or even years to resolve and can take a significant emotional toll on all parties involved. However, high net worth divorces, in particular, tend to raise a host of unique legal issues when it comes to dividing a couple’s property, so if you are considering divorce and you and your spouse own unique or valuable assets, you should strongly consider retaining an experienced DuPage County complex high net worth property division attorney who can ensure that your assets are properly appraised and fairly divided upon divorce.
Couples with substantial assets must deal with the same types of issues that most couples face, including creating a time-sharing agreement, deciding on alimony payments, and determining who will pay child support. However, most high net worth divorces also require the parties to grapple with unique issues that can complicate these matters, especially the property division process. These issues include:
Determining which assets are considered marital property and which are separate property is one of the most important steps in attempting to resolve these issues. This is because Michigan law requires that all marital property be divided equitably upon divorce, while separate property remains in the sole possession of the original owner. These determinations can become difficult in high asset divorce, especially if one or both spouses received an inheritance or gift during the marriage, or if one party brought significant assets into the marriage, but later commingled some or all of the funds. Once marital property has been identified, the parties will need to ensure that the assets are carefully and properly appraised, as a failure to do so can have a significant impact on how property is ultimately divided. Finally, it is much more common for one spouse to attempt to hide assets in high net worth divorces, as the sheer number of different assets can make it easier to overlook certain property.
If you and your spouse own unique or valuable property and are considering divorce, please contact one of the dedicated property division attorneys at the SAM LAW OFFICE LLC by calling 847-255-9925 to learn more about the issues you may be facing.