1770 Park Street, Suite 205, Naperville IL 60563

Facebook Twitter LinkedIn Youtube
Search

Call Today for a Free Consultation

Call Us630-364-4046

Naperville | Wheaton | St. Charles

Subscribe to this list via RSS Blog posts tagged in high net worth divorce

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.

...
Back to Top