Elmhurst, IL High Net Worth Divorce Lawyers

Experienced Attorneys for High Asset Divorce in Elmhurst, Illinois

Getting a divorce can be an incredibly draining process that may involve a mix of financial, personal, and emotional turmoil. Legally dissolving a marriage can be especially complicated for couples who own high-value assets. High-net-worth divorces can involve intense conflict and complex issues such as investment portfolios, financial accounts, and retirement savings. A trusted divorce lawyer can help ensure a fair division of marital wealth while working to navigate legal concerns as they arise.

Whether you are looking to uncover hidden assets or ensure that all of your property is valued accurately, the attorneys at A. Traub & Associates have the skill, precision, and knowledge to guide you through your divorce. We work with clients in Elmhurst and its surrounding communities. We can help you carefully document records, address concerns related to preserving your wealth, and work with you to take steps to avoid financial losses or future instability.

Common High Net Worth Divorce Issues in Illinois

The state of Illinois typically follows the "equitable distribution" principle when addressing issues related to property division in divorce settlements. This means that each spouse is entitled to a fair portion of the marital property. However, it does not mean that assets must be split exactly in half.

Moreover, only property acquired by either spouse during the marriage is subject to division during a divorce. Anything obtained either before a couple was married or after they were legally separated will typically be owned solely by the individual who purchased those assets. Notably, marital and non-marital property can sometimes become mixed up or "commingled," which can complicate the division of property during divorce.

An experienced high-net-worth divorce lawyer can help you determine what is and is not community property. Examples of property division concerns that can arise in high net worth divorces include:

• Retirement Benefits: Assets that a person plans to use to meet their needs after their retirement can be a significant component of the marital estate. Special measures may need to be taken to effectively divide retirement assets between spouses while avoiding tax penalties. A Qualified Domestic Relations Order (QDRO) is one such tool that can help split assets such as pensions and 401(k) accounts, while other similar orders may be used for IRAs or other retirement savings.
• Real Estate Property: Commercial real estate, family and vacation homes, and rental properties can all be considered marital property. To determine fair market value and ensure equitable distribution, real estate appraisals may be required to help couples decide how to divide or sell their property.
• Luxury Items: Cars, boats, jewelry, artwork, and even rare wines can be included in the property division process. In some cases, these items may be difficult to value. Sentimental value can also play a role in disputes over property, but professional appraisals may help settle financial concerns.
• Business Interests: If a spouse is a business owner, issues related to the ownership of the business may need to be addressed during a divorce. Understanding the full value of the business will be crucial, and this process may involve reviewing financial statements, projected earnings, cash flow, and goodwill. Based on the results of a business valuation outcome, a couple can make decisions about how a business will be handled, including allowing one spouse to buy out the other's share, co-owning the business, or selling the business entirely.
• Compensation: The income earned by spouses will need to be evaluated when determining the extent of a couple's assets. The financial resources that will be available to each party going forward may play a role in decisions about property division. Performance bonuses, stock options, compensation plans, and restricted stock units (RSUs) can all be considered marital assets that could play a role in the outcome of a divorce.

At A. Traub & Associates, our divorce attorneys have the financial experience to ensure that each asset will be disclosed, appropriately classified, and properly valued. Our goal is to protect your interests and provide you with the financial and legal resources you need to meet your needs in the future.

How Does Alimony Differ in High Asset Cases?

Issues related to alimony, otherwise known as spousal maintenance, can be more complicated in high-net-worth divorces than in other types of divorce cases. Though the state of Illinois has a formula for calculating the specific amount of spousal support that will be paid, the formula only applies in cases where couples have combined gross incomes of up to $500,000.

When couples exceed this threshold, the court will examine each spouse's financial resources and determine an appropriate value based on state law. Our lawyers can help clients ensure that issues related to spousal support will be handled correctly in a high net worth divorce.

Contact Our Elmhurst High Net Worth Elmhurst Divorce Attorneys

At A. Traub & Associates, our attorneys will work to help you achieve a complete understanding of all the legal and financial aspects of your divorce. We know what is at stake, and can help you take steps to protect your future. To schedule a consultation with one of our Elmhurst, Illinois high-net-worth divorce lawyers, call 630-426-0196.