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Elmhurst, IL high net worth divorce attorney for business valuation and hidden assetsThe divorce process can be complicated regardless of a couple’s circumstances. Spouses may be involved in contentious disputes related to any or all of the issues that will need to be resolved before they can legally dissolve their marriage. Even if a couple agrees on most of the issues in their divorce and plans to avoid conflict wherever possible, they may still encounter difficulties related to their property, incomes, and finances. This is especially true in high net worth divorce cases where spouses own valuable assets or earn high incomes. In these cases, spouses will need to address a variety of unique financial concerns. It is crucial for spouses to secure representation by an attorney who is experienced in high asset divorce cases, and with the right lawyer on their side, they can make sure their legal and financial concerns will be addressed correctly.

Property Division Issues

All divorcing couples will need to decide how they will divide their marital property, which consists of all assets and debts they acquired during their marriage. This can be an especially complex process for couples who have a high net worth, since they are likely to own a wide variety of different types of physical property and financial assets. These may include:

  • Real estate - In addition to their marital home, a couple may own vacation homes or other real estate property. These properties should be appraised to determine their value and the amount of equity the spouses own in each property. It may not be possible to equally divide these properties between the spouses, so it may be necessary to sell certain properties during divorce.

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Illinois divorce attorney, Illinois family lawyer, IL child custody lawyerDivorce is a long and demanding process, but can get even more complex for high net worth couples. Unlike traditional divorces, high net worth couples must resolve issues dealing with complex taxation, support obligations, tracing of assets including offshore and international accounts, and valuation of businesses and other properties.

The following factors will help you prepare for what you might experience within your high net worth divorce:

1.    More assets, more to divide. Prior to your divorce, it is important to gather all tax (tax returns, W-9’s, I-9’s), financial, and property/asset documentation regardless of your knowledge on the subject. Documents tend to get lost after the divorce has already been filed, making this process more difficult and could put you at a disadvantage in divorce negotiations.

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Digging Up Hidden Assets, Elmhurst, IL Hidden Assets AttorneyRecognizing when your soon-to-be ex-spouse is tucking away assets that you rightfully share ownership of can be difficult, especially when you do not know they exist. How are you supposed to claim assets and address them during negotiation settlement if they are invisible in the first place?

Hidden assets are a real problem for some couples, particularly for those dealing with high net worth divorce. If you have a large income or a significant amount of possessions, there is always the chance that your spouse, under tense circumstances, may be tempted to shuffle away some of those funds when the divorce process is underway.

Signs of Deception 

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taxes and high asset divorce, Elmhurst divorce lawyersAlthough all divorces are bound by the same laws under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), those with a high net worth divorce often experience an added layer of complexity. This can be especially true in regards to tax implications, which can financially wipe out both parties if they are not careful. Learn what you need to know about tax implications in your high asset divorce and how you can protect yourself in the months to come.

Financial Support: Alimony vs. Child Support

Oftentimes, high asset divorces result in an alimony (or spousal maintenance) payment for lesser-earning or earning-impaired spouses. Those with children may also receive child support payments. Both are forms of financial support, but each works differently under tax laws. Whereas child support is not taxed or taxable, alimony payments are the opposite. It is important that you understand these differences and how they may impact your finances.

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