Divorcing spouses who have accumulated significant wealth will likely experience additional hurdles during the divorce process. With high-value assets comes the need to value and distribute those assets between spouses. Individuals undergoing a high-asset divorce may have significant business interests, investments, real estate, and other complex assets. Having a high income can also influence child support and spousal support determinations. For these reasons, it is not unusual for high-asset individuals to utilize the expertise of outside professionals during their divorce.
Divorcing spouses cannot begin to negotiate a property division arrangement until they understand the full extent of their property and what it is worth. Some assets, such as bank account balances, can be known immediately. However, certain assets are very difficult to value. For example, stock options may be considered marital property if the options were earned before the couple separated. If either spouse owns stock options, the couple will need to decide whether to value the stocks using deferred distribution or present valuation.
Cryptocurrency such as Bitcoin is becoming an increasingly popular investment. Because the value of cryptocurrency fluctuates by the day, determining the value this asset during divorce is no easy feat. Antiques, artwork, jewelry, and collectibles are other examples of hard-to-valuie assets. An appraiser or valuation expert maybe you needed to provide professional insight into the assets’ value.
Divorcing spouses engaged in a high-asset divorce case may fail to disclose all sources of income and property to try to sway the divorce outcome in their favor. Forensic accountants are specially trained in how to find hidden assets. If a spouse has funds in overseas accounts or uses other tactics to undervalue or hide undisclosed assets, a forensic accountant may be needed to find the assets so they can be properly addressed during the divorce.
Spousal maintenance is more common in high-income divorce cases. If a spouse is requesting spousal maintenance, they will need to demonstrate a need for this financial support. Vocational experts may provide insight regarding a spouse’s employment prospects and future earning capacity. This information can guide the Court’s decisions regarding the amount and duration of maintenance payments.
Child Custody Evaluator
When parents disagree about what is best for their child, child custody can become fiercely contested. A child custody evaluator’s job is to assess the situation and determine what type of custody and parenting time arrangements would be in the child’s best interests. The evaluator may interview the parents and talk to the child to find out more about the child’s relationship with each parent. In some cases, the evaluator asks the parents to participate in psychological testing. The evaluator can present an expert opinion to the Court; however, the evaluator does not make the final decision regarding custody arrangements.
Mental Health Professionals
It is no secret that divorce can be extremely stressful, and having significant wealth may exacerbate this stress. Many divorcing spouses choose to attend counseling or therapy to help them cope with the stress of their divorce.
Contact a Palatine High-Asset Divorce Lawyer
Our Arlington Heights divorce lawyer can help you address complex property division issues, child custody conflicts, spousal maintenance, and much more. Give us a call today and set up a confidential consultation to learn more about how we can help.