No divorce is ever easy, but some divorces are far more complicated than others. Because divorce breaks down, in essence, into matters that relate to your parental rights and your financial rights, it only stands to reason that divorces involving high net worth are among the most complicated divorces out there. If you are facing a high net worth divorce, you need a high net worth divorce attorney in Glenview in your corner.
The division of marital property is a primary factor in every divorce, and even in those divorces in which the financials are very straightforward, this division has the propensity to become contentious. The bottom line is that this division of assets symbolizes everything that you and your divorcing spouse have worked so hard to acquire over the course of your marriage, and your teamwork is now falling by the wayside. It is not uncommon for both spouses to have a sense of ownership regarding their marital property, which can make dividing it equitably – or fairly – exceptionally difficult right out of the gate. To put an even finer point on the matter, this division will very likely directly affect you and your children’s financial future.
The majority of divorcing couples own a home, a car or two, retirement accounts, and a sprinkling of other assets, and make no mistake, determining an equitable division of this marital property can be a serious hurdle. Those divorcing couples with high assets, however, often have vast resources that can include all of the following:
These are in addition to a home or two and personal items, such as jewelry and clothing, that can also be of significant value. Before these couples even get to the highly complicated task of dividing their marital assets in a manner that is fair under the circumstances, there is the matter of valuing the assets involved, which can be exceptionally complicated in and of itself.
In divorces that involve very high assets, there is often the matter of ownership to establish. For example, if one of you entered the marriage with a business and/or property in tow, that asset may be considered separate property – if the owner was careful to keep the asset separate throughout the years of marriage. Complex finances, however, have a way of becoming intermingled, and the line that divides marital property from separate property can easily be blurred. Further, even if an asset’s separate nature is well established, any increase in value – which is common – is very likely to be a marital asset.
If your divorce involves high assets, the accomplished high net worth divorce attorneys at The Law Offices of George M. Sanders in Glenview have a wealth of experience skillfully guiding cases like yours toward favorable resolutions. Your case is important, so please don’t wait to contact us for more information today.