High-asset couples, or those with over $1 million in liquid assets or incomes of $300,000 or more, confront unique challenges when it comes time to divorce. Not only is there considerable property to divide, but issues related to property brought into the marriage become paramount. Worse still, property that accrued value during the marriage can be considered partly owned by the one spouse and also a part of the marital estate. For these reasons, having a Palatine divorce attorney who understands the issues related to high-asset divorces can be the edge you need to secure your financial future.
Let’s say you owned a business prior to your marriage. If you did not secure the value of the business in a prenuptial agreement, then whatever the value of the business was prior to the marriage is considered yours. However, any value that accrued during the marriage is considered part of the marital estate. You do not want your soon-to-be-ex having a stake in a business that you built from the ground up. What happens next?
Our attorneys help divorcing couples navigate these and other issues, including:
For this process, appraisers are brought in to evaluate the properties, businesses, or commodities both before and after the marriage.
Some high-asset divorces involve one spouse who is the primary bread-winner and another spouse who invests their time in the home and raising children. A spouse that does not bring home income but invests their time in the marriage is entitled to the same split as any other spouse. Since alimony is calculated based on a spouse’s current standard of living, it often becomes among the most contentious issues in a high-asset divorce. Those without economic savvy can find themselves at a severe disadvantage when it comes to negotiating these issues. Child support is likewise calculated based on the economic needs of the children and their current standard of living.
SAM LAW OFFICE LLC will be with you every step of the way as you navigate the divorce process. We will advocate for your interests, protect your future, and help you lay the groundwork for the next chapter of your life. Call to discuss your divorce with a skilled attorney and begin the process today.