Plan For A High Asset Divorce With A Top Schaumburg Divorce Lawyer
When you are considering a high asset divorce in Schaumburg, we know that you are likely to have many questions about planning for the financial aspects of property division and spousal maintenance. When it comes to alimony, the relatively recent Illinois spousal maintenance guidelines outlined by the Illinois Bar Journal likely will not apply to your situation. To be sure, the spousal maintenance guidelines, intended to streamline the amount and duration of spousal maintenance based on income, only apply when the couple filing for divorce collectively earns less than $250,000. As such, in high asset divorces, the judge will be looking to additional factors to determine a spousal maintenance award. In addition, the division of marital property can become extremely complication, and also particularly contentious.
It is important to understand that, while all divorces come with stressors, high net worth divorces can be particularly complex. As an article in Forbes Magazine points out, in order to plan appropriately for a high asset divorce, you should be aware of commonly made mistakes to avoid them yourself.
Do Not Fail to Account for All Assets and Debts
Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/), marital property is divided based on a theory of equitable distribution. This means that property need not be divided equally, and divisible property includes both assets and debts. In high asset divorce cases, property division can get very complicated if the parties fail to accurately account for all assets and debts.
You should make a list of all high-value property owned by you and your spouse, from tangible objects like automobiles and artwork, to intangible items such as bank accounts and other investments. You should also list all real estate that you own, including any income properties. You should also be sure to account for all marital debts. Even if you are not certain whether a specific item should be considered separate or marital property, it is a good idea to list it to be sure that it is considered. By listing all assets and debts, you can also help to ensure that no assets are hidden.
Do Not Fail to Hire a Valuation Expert
The value of your marital property will be of utmost importance in a high asset divorce when it comes time to divide the property. Valuation experts are professionals who work regularly on high net worth divorce cases, and they can provide accurate and objective estimates of the value associated with a couple’s assets, from items in the home to certain investments.
Do Not Rely on Family and Friends for Advice
While family members and close friends can offer well-meaning advice, unless they are experts in high asset divorces, it is not a good idea to take their advice when you are planning for your financial future after divorce. Complex financial matters should be handled by entities with experience in this area. An experienced Schaumburg divorce attorney can help with your case.
Do Not Wait to Contact an Experienced Schaumburg Divorce Lawyer
High net worth divorces are extremely complicated. You should discuss your case with an experienced high asset divorce lawyer in Schaumburg as soon as possible. Contact SAM LAW OFFICE, LLC today for more information about how we can assist you.