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Wheaton high asset divorce attorneyThe financial aspects of divorce can be an additional stressor for those in the process of ending their marriage. For some, this stress comes from worrying about the cost of divorce. But for couples who have money to spare, their extensive assets can actually be the root of the divorce anxiety. During divorce, couples who have a high net worth have a few different issues that many other couples typically do not have to worry about. If you are going through a high net worth divorce, here are a few mistakes you should try your best to avoid:

Concealing Assets From Your Spouse

Trying to hide assets from your spouse is not uncommon in high net worth divorces. This is possibly one of the worst mistakes you can make, because not only is it unfair, but it is illegal. During divorce negotiations, you are required to be completely truthful with your spouse and their attorney. If you do not fully disclose all aspects of your finances during the discovery process, including the income you earn, the assets you own, and the debts you owe, you could end up paying a lot more than what you would have originally, causing you to lose the assets you were trying to protect.

Forgetting About Tax Issues

Getting a divorce involves a lot of financial decisions that can affect you for the rest of your life. One thing you must keep in mind when making these decisions is how it will affect your taxes after the divorce papers are signed. With the many financial aspects of divorce, there are tax implications that can come up in the future. Issues such as spousal support can affect the amount of taxes that you pay, along with 401(k) distributions or selling certain assets.

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Wheaton prenup lawyerWhen you see wedding bells in your near future, there are probably 101 things on your mind -- and a prenuptial agreement is not likely to be one of them. Though it can seem unromantic and it may feel like you do not trust your future marriage, a prenuptial agreement can be a hugely beneficial tool in the event that you and your spouse ever get divorced. Prenuptial agreements give you freedoms from certain laws that you would not otherwise have. A prenuptial agreement is a legal document that allows you and your spouse to basically plan your divorce before it happens. Prenuptial agreements allow you to address issues such as property division, spousal maintenance and ownership of businesses or professional practices.

Prenuptial agreements are not just for the rich and famous -- they are useful for almost everyone. Here are a few reasons why you may want to consider getting a prenuptial agreement before you tie the knot:

1. One of You Has Been Married Before

If this is the second trip down the aisle for either you or your spouse, you should strongly consider getting a prenuptial agreement. A prior marriage means you are probably coming into this marriage with more property and you may have other obligations from your previous marriage, like child support. A prenuptial agreement can protect these obligations.

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Wheaton property division attorneyOne of the most difficult issues that all couples have to face when they get a divorce is determining how they will divide the marital property. Most people think that property division only pertains to assets such as the family home, vehicles, cash and other household items, but all of a couple’s property needs to be divided during a divorce -- including assets and debts that are not necessarily tangible. Property division tends to become more difficult the longer a couple has been married because couples that have been together for many years have typically accumulated more together.

Marital and Non-marital Property

Before you go to court, you must first determine which property is actually subject to division. In Illinois, all marital property is subject to division and non-marital property is not. Marital property is any property or debt that was acquired by either spouse after the marriage. All other property is considered to be non-marital property.

Factors Used in Making Determinations

If you and your spouse, along with each of your attorneys cannot come to an agreement about marital property, a judge will assign the property to each spouse as he or she sees fit. There are certain factors a judge must take into consideration before he or she assigns the property. These factors include:

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Naperville prenup lawyerIn recent years, prenuptial agreements have been on the rise. What once was only for the rich and famous is now being utilized by people from all walks of life. The idea of a prenuptial agreement used to be taboo -- it was thought you should not be planning for your divorce before you are even married. Now, it is thought to be good planning to have a prenuptial agreement. 

Young people are waiting longer to get married and are older than previous generations when they get married for the first time. This means that people are usually bringing more assets and debt into marriages and using prenuptial agreements to safeguard their finances. Prenuptial agreements are on the rise, but they may not be right for everyone. 

Here are a few situations in which you should consider getting a prenuptial agreement:

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Wheaton asset division attorneyIf you own a business or professional practice, chances are that is one of your most valuable assets. It takes endless work and a lot of dedication to grow a business and have it become successful. The last thing you want is to have half of it taken away when you get a divorce. Everything you and your spouse have together must be divided before you can finalize your divorce -- and that can include businesses and professional practices. Do not worry -- there are things you can do to make sure your business remains in your possession. Here are five ways you can protect your business during your divorce:

1. Get a Fair Valuation

The first step you should take before you begin dividing up your assets is to get a valuation of your business, so you know what it is worth. Instead of estimating what your business is worth, you may opt to use a court-appointed evaluator who will look at multiple facets of your business to arrive at a valuation. Such aspects include your business records, the business’ goodwill, and business competition. Then, you can hire an outside professional to review the numbers just to make sure everything is square.

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