Property division is always a challenging aspect of divorce, but it becomes even more contentious and complicated when couples with a high net worth seek to equitably divide what they have accumulated during their marriage.
To learn more about how our firm can help with the issues that arise in high net worth divorces, contact a Chicago high net worth divorce lawyer at 312-624-7645 to schedule an initial consultation.
If you have a large marital estate with a wide range of assets and liabilities, it is important that you employ competent legal counsel to fully account for your assets, handle valuation of those assets, develop strategies for finding assets that your spouse may want to keep hidden, and allocate the marital assets and liabilities in a way that makes sense — not necessarily 50/50. Under Illinois law, each spouse is entitled to an equitable division of the martial assets and liabilities. Oftentimes, fairness demands that the parties equally divide the assets and liabilities. Sometimes, however, fairness requires that one spouse receives more assets than the other spouse.
Further, how assets are divided is also important. For example, when complex assets and income structures are involved, one party may receive most of the stock and liquid assets, while the other gets real estate or most of the retirement benefits. In some cases, division of substantial real estate and assets may minimize or eliminate the need for spousal maintenance payments. In other cases involving very high income, spousal maintenance could be the main focus.
As your Chicago high net worth divorce law firm, we will listen to your concerns, evaluate your case, and explain these complicated issues while we advise you on what makes sense in your unique situation.
Contact us at 312-624-7645 to set up an initial consultation. We are available to help clients throughout Illinois, including Cook County, Lake County, and the surrounding areas.