High net-worth couples who are going through a divorce often face special issues that require extra planning and attention. Because of the complicated nature of the assets involved, care must be taken to divide the property in a way that does not compromise their value. Often, such couples also hope to keep the details of the divorce as private as possible for personal, safety, and business reasons.
Protecting Assets
Illinois law presumes that any asset acquired after the date of the marriage is a marital asset, subject to a few exceptions. In the absence of an agreement between the spouses, the law requires a judge to decide what is a marital asset and then divide those assets equitably. While there are certain legal factors a judge must consider when dividing assets, without proper preparation and representation, you risk having your assets undervalued or split in such a way as to diminish their value.
Divorce planning, asset valuation, and vigorous representation can help protect your assets and preserve them for the future. This means that with the help of your attorney, you may wish to assemble a team of financial professionals, including financial planners, appraisers, and others, whose knowledge and resources will be crucial in safeguarding your wealth and property.
Protecting Privacy
Almost everything that happens in court during a divorce is a matter of public record. While nobody likes to have their personal lives opened to the public, issues of privacy are often of increased concern in a high net-worth divorce.
There are several tools that a dedicated divorce lawyer can use to help keep as many details of the divorce out of the public record as possible. If you and your spouse are able to negotiate amicably, all of the details from child custody to the division of assets can be worked out in private. Nasty and contentious hearings can be avoided.
Another tool that can help couples resolve their disagreements with a high degree of privacy is mediation. With the help of a neutral mediator, you, your spouse, and your lawyers can work out an agreement that everyone can live with. This can limit your exposure from having to testify in court and to having every fight and secret exposed in the court records.
With proper planning, the same tools that help protect your privacy can also be used to give you more control over how the marital assets are divided. When you and your spouse come to a settlement, you will both be happier with the outcome, and the judge will not impose a solution that could be damaging to your assets and reputation.
A Wheaton High Net-Worth Attorney Can Help
If you and your spouse have substantial wealth and you are considering a divorce, you should seek legal guidance before you make any decisions. Contact an experienced DuPage County divorce attorney at MKFM Law to get the help you need. Call 630-665-7300 for a confidential consultation today.
Source:
http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm