Any divorce can be painful, but a high-net-worth divorce can be more costly and time-consuming. Below are common reasons why. If you have high net worth and are considering divorce, speak to our divorce lawyers in Chicago at the office of Michael C. Craven.
More Assets To Divide
Marital property must be divided equitably during an Illinois divorce, which may or may not be 50/50. When you and/or your spouse have a lot of assets and income, it often takes longer to identify, characterize and value the asset or income. As a result, these types of cases may take longer than a typical divorce. You can speed up the process by collecting your tax, financial, and property documentation paperwork before the divorce is filed.
Hidden Assets
Because the amount at stake may be a lot, a spouse with many assets and sources of income may attempt to hide assets before an anticipated divorce or during a divorce. In addition, in many high-net-worth cases, assets and income streams may be in the name of a business, trust, or other entity for legitimate reasons such as asset protection, tax purposes, and estate planning. Unfortunately, searching for assets takes a lot of time and can drive up the cost of the divorce.
Spousal Maintenance Formula May Not Apply
In a high-net-worth divorce, Illinois’s guidelines for spousal maintenance and child support might not apply. The maintenance formula usually only applies to couples who make less than $500,000 combined. The court may need to look more closely at how much you should receive or pay for spousal maintenance and child support. These complicated issues make it more critical to have a skilled divorce attorney in your corner during a high-net-worth divorce.
You Own A Business
High-net-worth individuals often own their own business. Divorce is usually more complicated and costly when one or both of you own a business. Common issues complicating cases with businesses are valuing a business, selling it, and buying out a spouse’s interest in a closely -held business. Your attorney will work to safeguard the business and provide the optimal solution to divide it.
Speak To Our Divorce Lawyers In Chicago Today
A high-net-worth divorce has a lot at stake. High-net-worth couples may share many marital assets and have several sources of income. Therefore, it is essential to have proper legal guidance in this situation to protect your rights and interests. Contact our divorce lawyers in Chicago at the office of Michael C. Craven today for a complimentary consultation at (312) 621-5234.
