Glen Ellyn, IL High Net Worth Divorce Attorneys

Lawyers Helping Divide Complex Assets in Glen Ellyn, Illinois Divorce Cases

The divorce process can be complex for anyone, and numerous legal and financial issues will need to be addressed as a couple separates their lives from each other. However, a divorce can become even more complicated in a situation where a couple has a high net worth. These divorces may involve complex property portfolios, sophisticated financial accounts, and ownership interests in assets that must be properly valued and divided equitably. These cases may involve high levels of conflict, especially when one or both spouses are concerned about an unfair division of marital wealth.

Addressing the issues involved in a high net worth divorce will require extensive financial knowledge and the ability to navigate multiple types of legal concerns. Every asset will need to be carefully documented and classified. The potential for financial losses or future instability can be significant if the divorce process is not handled with skill and precision.

At A. Traub & Associates, our attorneys have extensive experience handling high asset divorce cases in Glen Ellyn and the surrounding communities. We can help our clients address concerns such as preserving wealth, uncovering hidden assets, and ensuring that all property is valued accurately. We will work to resolve disputes through the negotiation of private settlements or litigation in court. With our help, clients can avoid costly missteps and achieve equitable outcomes to their divorces.

Complex Asset Division in High Net Worth Divorce Cases

Some of the most challenging aspects of a high net worth divorce will involve identifying, valuing, and dividing marital property. The property a couple has acquired during their marriage will be subject to division, but non-marital property, including assets acquired before the marriage, inheritances received by spouses, or assets protected by a prenuptial or postnuptial agreement, will not be divided. However, distinguishing between these two types of assets can be difficult, especially when marital and non-marital assets have been commingled over time.

Some of the concerns related to property division that may arise in high net worth divorce cases include:

• Real Estate Holdings: The properties a couple owns may include their marital home, vacation homes, rental properties, and commercial real estate. Accurate real estate appraisals are essential to determine the fair market value of these assets and help a couple make decisions about whether different properties may be divided or sold.
• Business Interests: If one or both spouses own a business, a business valuation will be needed to assess the company's worth and determine how it should be divided. This process may involve reviewing financial statements, cash flow, goodwill, and projected earnings. A couple may agree that one spouse will buy out the other's share in a business, they may choose to continue co-owning a business, or a business may be sold.
• Executive Compensation: Deferred compensation plans, stock options, restricted stock units (RSUs), and performance bonuses must be evaluated to determine if they are marital assets and, if so, how they should be divided equitably.
• Retirement Benefits: Pensions, 401(k) accounts, IRAs, and other retirement savings can be significant components of the marital estate. These assets may need to be divided through a Qualified Domestic Relations Order (QDRO) or other similar instruments to avoid tax penalties.
• Luxury and Collectible Items: High-value assets such as artwork, jewelry, classic cars, designer collections, rare wines, and boats can be difficult to value. These items may require professional appraisals, and disputes may arise due to sentimental value or other legal and financial concerns.

Our divorce attorney have experience handling high-value assets, and we can ensure that each asset is fully disclosed, properly valued, and appropriately classified. Our goal is to help our clients negotiate agreements that will provide them with the financial resources they need going forward.

Spousal Support Considerations for High Earners

In a high net worth divorce, issues related to spousal maintenance (also known as alimony) can be more complex than in other types of cases. Illinois law provides a statutory formula for calculating maintenance, but this formula only applies up to a combined gross income threshold of $500,000, which may be exceeded in high income households.

When the parties' combined income surpasses this limit, the court may determine an appropriate maintenance award based on the factors outlined in Illinois law while also considering the financial resources available to each spouse and their ongoing needs. Our lawyers can provide guidance on how these issues may be addressed, and we will advocate for fair arrangements that will protect our client's financial interests.

Addressing Hidden Assets and Financial Misconduct

Hidden assets are a common concern in high net worth divorce cases, including in situations where one spouse has handled the majority of the family's finances or owns a business. Attempts to conceal income, transfer property to third parties, or underreport the values of different assets can make it more difficult to achieve a fair property settlement.

Our attorneys can take steps to uncover hidden assets through methods such as:

• Forensic Accounting: We can work with financial experts to examine tax returns, bank records, and business documents. This can help to trace missing funds or unusual transactions and determine whether assets have been concealed or mismanaged.
• Discovery Tools: Legal mechanisms such as subpoenas, interrogatories, and depositions can make sure relevant financial information is disclosed that may affect a property settlement.
• Lifestyle Analysis: A comparison between a person's reported income and their lifestyle expenditures can reveal discrepancies suggesting unreported income or assets that have not been disclosed.

We understand how to identify red flags, and we use the available legal tools to uncover relevant information related to the marital estate. We can address asset dissipation or other illegal actions that may affect our clients, and we will work to resolve these issues so that they will be able to maintain financial success after completing the divorce process.

Contact Our Glen Ellyn High Net Worth Divorce Lawyers

During a high asset divorce, a clear understanding of complex financial matters can help ensure that property division, spousal support, and related concerns will be handled correctly. At A. Traub & Associates, our lawyers help our clients protect their financial interests while working to help resolve any disputes that may arise. To schedule a consultation and learn how we can help you safeguard your wealth during your divorce, contact our Glen Ellyn high asset divorce attorneys at 630-426-0196.