High Asset Divorce Attorney Near Me

High Asset Divorce Attorney Near Me

One factor that is likely to make the already-challenging matter of divorce more so is high assets. Your financial rights are critical to your future, which makes fiercely advocating for an equitable division of your marital property well worth the effort. One of the most important steps you can take toward this end is working in close tandem with an experienced high-asset divorce attorney near you from the start.  

The Equitable Division of Your Marital Assets

In Illinois, those assets that you, your spouse, or both of you together come to own after you’ve married are identified as marital property. This marital property – or its overall value – must be distributed between you equitably upon divorce, which ultimately means fairly in relation to several guiding factors but does not necessarily mean equally. Separate property refers to assets that belonged to either spouse separately prior to marriage, which remains the property of that spouse alone if it’s kept separate throughout the marriage. The matter of keeping separate assets strictly separate is no easy feat, and this fact can further complicate the division of high assets. 

Why High Assets Tend to Be Confounding

It’s only natural for both spouses to want their fair share of their marital assets in the face of divorce, and high assets conjure a range of additional complications that include the following:

  • The higher an asset’s value, the more challenging it can be to place a mutually agreeable price.
  • High assets often require forensic accounting and expert valuations.
  • When one spouse is more involved in managing the family’s finances, there is a greater risk that they will engage in practices that dissipate assets and, as a result, cheat the other out of an equitable division. 
  • The higher a couple’s assets, the more opportunities there are to – and the greater the risk that – overall values will be skewed. 

Specific Complications

When it comes to high assets, all the following factors can prove complicating:

  • Ownership of a business – if the business is a family business that followed one of the spouses into the marriage, it can be even more so
  • Ownership of multiple real estate properties
  • Joint ownership agreements
  • An expansive financial portfolio
  • An intermingling of separate and marital assets

Factors that Guide the Division of Marital Property

There is a range of factors that guide the equitable division of marital property, including:

  • Having a relevant prenuptial or postnuptial agreement in place
  • Each spouse’s age, overall physical and mental health, employability, and earning capacity
  • The duration of the marriage
  • The tax implications related to the proposed property division
  • The debts assigned to each spouse and how likely it is that they’ll need to be repaid, such as if the party who made the loan is a close family member
  • The contributions each spouse made to the marriage, including contributions in the form of homemaking and caring for the children

Discuss Your Case with an Experienced High Asset Divorce Attorney near You

High assets are very likely to further complicate the division of marital property, but the distinguished high-asset divorce attorneys at Hammer Serna & Quinn, LLC, are standing by to help secure your financial rights. Learn more by contacting us today. 

Get In Touch

Call or email Hammer Serna & Quinn, LLC today to schedule a consultation.