When a couple of modest means decides to divorce, they can expect a fairly complicated process, particularly when it comes time to divide assets. However, when a couple with significant assets gets a divorce, everything that is complicated about a divorce where the couple has “average” assets is amplified significantly. In a high-asset divorce, the stakes are higher, and the complexities often require specialized legal knowledge. Today, we will be discussing what is most important to know regarding high-asset divorce cases. If you are looking to dissolve your marriage and you and your spouse are coming to the table with significant assets to divide, contact an attorney with knowledge in this area so they can assist you with the unique challenges involved in such cases.
Defining a High-Asset Divorce
A high-asset divorce typically involves significant financial holdings. Though there is no universally accepted threshold for what qualifies as high-asset, couples with a combined net worth of one million dollars and up are often considered a part of this category. High-value assets such as real estate, businesses, investments, retirement accounts, stocks, and luxury items are all common aspects of cases involving high-asset divorces.
Three Challenges in High-Asset Divorces
The first challenge in high-asset divorce is, of course, asset division. In Illinois, the equitable distribution of assets is a fundamental aspect of divorce proceedings. In high-asset cases, the sheer volume and variety of assets can make the process arduous. Valuing and dividing complex holdings, like multiple properties, intricate investment portfolios, or offshore accounts, may require the specialized knowledge of a financial professional like a forensic accountant.
The second challenge comes by way of spousal support. High-asset divorces frequently involve substantial income disparities between spouses. Determining an appropriate spousal support arrangement with accurate assessments of current and projected incomes becomes paramount. The courts scrutinize factors like the standard of living during the marriage, earning potential, and contributions to the marriage.
The third challenge in high-asset divorce is privacy concerns. High-profile individuals or individuals who hold significant wealth may want to preserve their privacy during the divorce proceedings. Maintaining confidentiality and safeguarding sensitive financial information can pose unique challenges. Skillful legal strategies are commonly employed to mitigate these concerns, including sealed court records, alternative dispute methods, and more.
Contact a DuPage County Divorce Attorney
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Source – https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm