Ending any marriage can be a complicated process. However, couples who have amassed a significant amount of assets or have acquired unique ones face additional complications when dissolving their marriage. If you are in this situation, you need to retain experienced high asset divorce attorneys in Illinois before moving forward with the divorce process.
At SAM LAW OFFICE LLC, we have years of experience representing clients who have an extensive asset portfolio or are struggling to divide hard-to-value assets. If you believe your divorce may fall into one of these categories, contact our office to learn how we can help.
Classifying Assets in an Illinois Divorce
There is no definition of exactly what a high asset divorce is, nor are there any special laws that specifically apply to couples who have amassed a significant amount of assets. Instead, they go through the same legal process as other divorcing couples in Illinois. In some cases, couples who fear losing assets may go to great lengths to liquidate or hide them to keep their spouse from getting anything in the divorce. Someone who hides assets could be facing serious legal consequences when those missing assets are located. That is why you want an experienced Illinois high asset divorce lawyer representing you.
Examples of assets that need to be divided in a high asset divorce usually include:
- Real property, including domestic and international vacation homes or rental properties;
- Personal property, including artwork, collectibles, and other hard to value items;
- Retirement benefits, including pensions, 401K, etc.
- Life insurance policies;
- Financial investments, including stocks, bonds, and bank accounts;
- Business ownership interests; and
- Intangible assets, such as intellectual property rights.
It is not uncommon to need a business valuation expert to help value some of these assets. If you suspect your spouse is hiding assets, a forensic accountant can also help. Valuing some of these assets can be tricky, especially when factoring in the potential value of future income streams provided by some of them.
When dividing these assets, couples need to keep these tips in mind:
- Ensure that all property has been appropriately cataloged, appraised, and categorized;
- Remember special tax considerations when deciding on alimony payments and dividing assets;
- Determine how to divide your unusual marital assets, such as valuable collectibles and business interests;
- Account for any contributions one spouse made to further the financial success of the other spouse; and
- Watch for your spouse’s attempts to waste or hide marital assets to avoid giving anything up during property division.
A high-asset divorce attorney is well-equipped to handle these situations. That is why it is essential to retain the right attorney when you have a significant asset portfolio.
Contact an Illinois High Asset Divorce Lawyer Today
If you need assistance with your high asset divorce, let our experienced Illinois high asset divorce lawyers help you. Contact SAM LAW OFFICE LLC today to schedule an initial consultation.