Lombard, IL High Net Worth Divorce Lawyers

Respected Attorneys Advocating for Clients in High Asset Divorce Cases in Lombard, Illinois

If you own substantial assets, you will need to make sure financial matters will be handled correctly during your divorce. A detailed analysis of your property and finances may need to be performed, and you may encounter a variety of concerns that may not be a factor for others who are going through the divorce process. A high net worth divorce may involve complex property and investment portfolios, business interests, retirement accounts, and other valuable assets that must be carefully assessed before decisions can be made about property division. Even minor oversights during this process can result in significant financial losses or an inequitable divorce settlement.

At A. Traub & Associates, we have the knowledge, skills, and experience needed to help ensure that the legal and financial concerns involved in a high asset divorce will be handled correctly. Our attorneys understand the unique challenges that clients with high incomes and substantial wealth may encounter. We work diligently to protect our clients' financial interests, preserve their privacy, and help them achieve their goals.

The Importance of Skilled Legal Counsel in a High Net Worth Divorce

While a detailed understanding of the laws regarding the division of marital property in Illinois is necessary in any divorce, a high net worth divorce will often require a more sophisticated approach. All assets owned by a couple must be properly classified as either marital or non-marital property. Assets must be valued to ensure that both parties fully understand the financial factors involved in their case. Marital property must be divided equitably, and decisions about property division may be based on each spouse's contributions to the marriage, the future needs of both parties, and other factors.

When working to negotiate agreements regarding the division of marital property, our attorneys can help address any concerns that may arise, including:

• Full Disclosure of Assets: All assets, including those held in trusts, business entities, or offshore accounts, must be identified. In some cases, it may be necessary to work with forensic accountants to gain a full understanding of the assets the spouses own.
• Accurate Valuation: Proper valuations of businesses, investments, and high-value personal property will need to be performed. Financial professionals and appraisers can help ensure that both parties understand the full value of each asset.
• Protection of Financial Interests: Strategic planning can help preserve assets and prevent financial losses during the divorce process.
• Dispute Resolution: Through skilled negotiation informed by legal experience, our attorneys can work to reach agreements that will protect our client's financial interests.

Key Issues in a High Net Worth Divorce

Business Valuations

When one or both spouses have ownership interests in a business, they will need to determine the full value of the business. The business valuation process may involve assessing tangible assets, goodwill, and future income potential. Our attorneys work with forensic accountants and valuation experts to ensure that a fair and accurate assessment is performed, and we help clients determine how ownership of business interests will be handled going forward.

Real Estate

High net worth couples often own multiple properties, including their primary residence, guest homes, vacation homes, or commercial real estate. Real estate assets must be identified and appraised in a way that considers market conditions, tax-related concerns, and other factors. We work with our clients to address and resolve any concerns they may have about their family home or other real estate property.

Retirement Benefits

Retirement savings such as 401(k) accounts, IRAs, pensions, and other investment vehicles often represent significant portions of a couple's marital wealth. Our attorneys can help identify the marital portions of these accounts, and we work to ensure that assets will be divided correctly. We can prepare and execute Qualified Domestic Relations Orders (QDROs) when necessary to make sure funds can be allocated correctly.

Asset Dissipation and Hidden Assets

In some high net worth cases, one spouse may attempt to hide marital property, or they may waste marital funds or other assets through excessive spending or intentional destruction of property. We take proactive steps to investigate concerns about asset dissipation and file claims that will address these issues and protect our clients against financial losses.

Contact Our Lombard, IL High Net Worth Divorce Attorney

During a high asset divorce, the stakes are too high to proceed without experienced legal guidance. The attorneys at A. Traub & Associates help clients in DuPage County address complex financial concerns correctly so that they can protect the wealth that they have worked hard to build. Contact our Lombard high asset divorce lawyers by calling 630-426-0196 to arrange a confidential consultation.