No divorce is the same as another. This is especially true for couples who have been married for a long time and have accumulated significant wealth. High asset divorces can be more complicated. In general, a high-net-worth individual is someone who has amassed more than one million dollars in liquid assets. It can also apply to annual household incomes of over $300,000 for the past two years, with an expectation that income levels will be the same or higher in the coming years.
So, while every divorce is different, high-net-worth couples can face even more unique issues. This is why it is important to retain an experienced high asset divorce attorney in Schaumburg.
Division of valuable assets is typically the source of many issues that couples with a high net worth may be facing in divorce. Some of these include:
One problem with some of these assets is the lack of fixed value. While you might be able to value a piece of property or a sports car easily, assets like investments and stocks can change in value from month to month. With the chance of wild fluctuations, it can make determining a value very challenging. In these cases, it is customary to bring in experts who have experience determining the value of businesses, antiques, investments, etc.
In addition to the issue of difficult-to-value assets, high asset divorces may face other potential hurdles. One important consideration is potential tax implications once an asset has been distributed. Also, each spouse may be facing a change in lifestyle compared to the one they established during the course of the marriage. Child support and spousal support awards need to be factored in. If you have children in private school or attending an expensive out-of-state college, it can also involve more decisions and potential changes.
Before you start a high asset divorce, it is important to sit down with your Illinois divorce attorney and discuss what your goals are. You should not attempt to negotiate a high asset divorce on your own, especially if you are not as financially savvy as your spouse. Your attorney can also help start an investigation if you suspect your spouse is attempting to hide assets before the divorce starts. Make sure your rights and interests are fully protected. Contact our reliable high asset divorce attorney in Schaumburg for guidance.