Challenges You May Encounter During a High-Asset Divorce

Going through any type of divorce is difficult. In general, the more complex issues that are involved, the greater the amount of time to get a final outcome in the case. This is particularly true in a high-asset divorce. Find out more about some of the common challenges you are likely to face.

Dividing Money and Property in a High-Asset Divorce

In any divorce case, the division of marital property and assets is one of the most important issues. In a high asset divorce, these proceedings can have major impacts on your current lifestyle and your future financial security. 

Under the Illinois Statutes, all property and assets earned, acquired, or otherwise accumulated since your marriage must be divided on an equitable basis. Factors to consider include the length of time you were married, the amount of individual, pre-marital assets each party has, their overall contributions to the relationship and acquiring possessions, and their role in the divorce, such as in situations involving marital misconduct. High-asset divorce cases are generally more challenging as there are additional properties and sources of income to divide. These may include: 

• Multiple homes and rental properties;
• Valuable artwork and antiques
• Shares in businesses;
• Stock options and other complex financial accounts;
• Inherited wealth. 

One of the most important tasks in a high asset divorce is to make a thorough inventory of all marital property. For many items, you will likely need a professional valuation. 

Dealing With Income and Other Benefits

Along with identifying and valuing all marital property, Kiplinger reports that hidden assets are a common challenge in high asset divorce cases. To prevent not getting your fair share in any settlements, it is important to uncover all sources of income and any other benefits to which you may be entitled. 

Past tax returns can provide a wealth of information, revealing obvious sources of income as well as the following: 

• Bitcoin and other cryptocurrencies;
• Proceeds from partnerships and shares in businesses;
• Websites and other passive income streams;
• Trusts and other inherited wealth. 

Even if a trust or other inherited assets were acquired prior to the marriage, you can be entitled to a portion if they were commingled with joint accounts or you otherwise contributed to them. Be alert for multiple pensions, 401ks, or other retirement benefits as well.  

Speak With Our Chicago High Asset Divorce Attorney Today

 When dealing with the challenges of a high asset divorce, the Women’s Divorce and Family Law Group helps to ensure you are protected and that you get what you are entitled to in any settlements. To speak with our Chicago high asset divorce attorney, give us a call or contact our office online and request a consultation today.