High Asset Divorce Attorney
Divorce doesn’t have to Cost a Fortune: High-Asset Divorce Lawyers Who Deliver Results
Divorce is one of the most emotionally charged and challenging events you will face. High assets increase the stakes and complexity of these cases. The concerns about significant financial losses and the division of assets are stressful and daunting.
Illinois has one of the lowest divorce rates in the nation, with 6.6% of all marriages ending in divorce. The national average is 7.6%.
A skilled high-asset divorce lawyer understands the law and protects you. Divorce is a fresh start where you can limit your financial exposure. Our team of skilled professionals will guide you and ensure we work to create the most favorable outcomes for you.
The Biggest Challenge of High-Asset Divorces
High-asset divorces are complex. There may be businesses, real estate, investment portfolios, and other holdings at stake. The financial and emotional toll becomes more complicated when the couple has shared success. Now these assets must be divided fairly and equitably.
The most significant challenge of high-asset divorces is the impartial distribution of wealth. High-asset divorces require focusing on the details and understanding complex financial investments and arrangements. The possibility of valuation errors, hidden assets, and tax consequences requires working with a skilled high-asset divorce attorney.
The attorneys at Wolfe & Stec have decades of experience working on the most complex high-asset divorces. We understand the uncertainty and pressure you face and are here to help. Contact us today at 630-305-0222 to schedule your free consultation with a skilled high-asset divorce lawyer.
Why You Need a High-Asset Divorce Lawyer on Your Side
Navigating a high-asset divorce by yourself is a colossal mistake that could cost you. You must protect your interests by ensuring a fair settlement regardless of the tensions and hostilities. The knowledge and experience of the Woodridge high-asset divorce lawyers can help. Here are some of the ways we protect you during your divorce.
Expert Asset Valuation
Determining the value of different assets — such as real estate, stocks, bonds, businesses, and personal property — is challenging. A high-asset divorce attorney works with financial professionals to accurately appraise the value of these assets so you receive a fair settlement.
Detailed Financial Analysis
High-asset divorces require reviewing and analyzing sensitive financial documents, such as tax returns, financial statements, and business records. Your Illinois high-asset divorce lawyer will help you unravel and identify possible hidden assets or discrepancies that could go unnoticed.
Protecting Your Rights
Your attorney stands up and fights vigorously to protect your interests and rights throughout the divorce. We serve as advocates for you to ensure a fair decision on child custody, spousal support, and the distribution of assets. Our job is to safeguard your emotional stability and financial well-being.
Negotiating Skills
Most high-asset divorce cases are resolved by negotiations rather than going to trial. A seasoned high-asset divorce attorney skillfully negotiates to reduce the impact and safeguard your future.
Litigation
If the case goes to trial, your lawyer has extensive litigation experience. We work to successfully try cases and present a solid case to secure a positive outcome.
High-asset divorces are complex, and you need skilled attorneys to guide you. Our team of divorce attorneys ensures that you and your future are protected.
Rules for Dividing Assets in Illinois
Illinois is an equitable distribution state, which means marital property does not have to be divided equally. Instead, the property is divided in a manner that the courts consider fair after evaluating the circumstances.
Illinois law considers many factors, including:
- The contribution of each spouse to the increase or decrease in the value of property
- The contribution of a spouse as a homemaker or to the family unit
- The value of the property assigned to each spouse
- The length of the marriage
- The economic circumstances of each spouse, including the desirability of awarding the family home to the spouse having custody of the children
- Obligations from a prior marriage
- The age, health, occupation, and skills of the parties
- The custody provisions for children and whether there is to be alimony
- Any prenuptial agreements
- The tax consequences of the property division
- Any dissipation, wasting, or hiding of assets
- The opportunity to earn income and acquire assets in the future.
Determining Marital or Non-marital Property
In dividing property, the courts will consider whether the property is marital, non-marital, or commingled and then assign a monetary value to the marital property and debt. After that, the marital assets will be distributed equitably.
Marital property consists of all assets you or your spouse acquired during the marriage and before your divorce judgment. It also includes non-marital property that has been transferred into co-ownership and commingled.
Separate or non-marital property is owned solely by one spouse or the other. It cannot be divided by the courts in a divorce. In addition, if you and your spouse have an existing prenuptial or postnuptial agreement, specific property may be excluded from the marital estate.
When assets have been mixed or blended, it must be determined whether the property is marital or separate. Even if one spouse may have acquired assets before marriage it may be considered marital property and subject to division, if the asset appreciated during the marriage.
What Assets Are Divided in Divorce?
Common assets at issue in high-asset divorces include:
- Professional practices and family-owned businesses
- Retirement funds, 401(k) plans, pensions and benefits
- Other financial assets such as IRAs, stocks, stock options, and bonds
- Local, interstate, and international bank accounts
- International, offshore, and overseas assets
- Houses, vacation homes, and investment properties
- Valuable belongings and collectibles such as antique cars, jewelry, or art
- Compensation awards from workers’ compensation, personal injury, or medical malpractice cases
- Vehicles, including cars, boats, motorcycles, and recreational vehicles
- Professional degrees and the “enhanced earning capacity” of any degree, license, or certification obtained during the marriage.
Many factors complicate a high-asset divorce. These involve a significant number of and higher value of assets than in a typical divorce. Planning is required for equitable distribution of multiple homes and properties, valuable belongings, wide-reaching and international investments, professional practices and businesses, retirement accounts, and other assets. Our high-asset divorce team will do everything possible to ensure a fair distribution.
FAQs
What is a high-asset divorce?
A high-asset divorce involves substantial assets, financial holdings, and wealth. The combined value of a couple’s estate usually exceeds a specific threshold, which makes the divorce more time-consuming and complex. An Illinois high-asset divorce attorney will help guide and protect you throughout these proceedings.
Why should I use a high-asset divorce attorney?
High assets divorces are complex and involve valuing various financial assets, identifying hidden assets, and safeguarding your interests. A skilled high-asset divorce lawyer protects you and helps you to navigate the various legal complexities to create favorable outcomes.
How are high assets divided in divorces?
Typically, the assets are split by the courts in a manner they think is fair, but other factors, such as a prenuptial agreement, could come into play. A prenuptial agreement is signed by both parties before the marriage. It states that they agree to accept a certain amount in the event of a divorce. Unless you can prove wrongdoing, the prenuptial agreement is used to split the assets. Otherwise, these assets are divided using the determination of the courts.
Do I have to go to court for a high-asset divorce?
Our team of skilled attorneys works to avoid litigation by using other forms of dispute resolution, such as negotiations. We negotiate on your behalf to create a favorable settlement without going to trial.
Why Choose Us?
Illinois has many divorce lawyers; you should choose one you can trust who has the experience needed to handle these cases. At Wolfe & Stec, Ltd., we are committed to providing the highest quality legal representation, have substantial experience in contested family law matters, and are aggressive in protecting our clients’ rights and assets. At the same time, we focus on preserving relationships, which is often essential when divorcing spouses need to continue working in the same business or industry or for co-parenting.
Here are some reasons you should choose our high-asset divorce attorney in Woodridge.
- We concentrate on divorce and family law, so we understand what you are going through and will help guide you through the intricate legal processes.
- We utilize skilled professionals such as financial advisors to determine the short- and long-term impacts of dividing property. We also consult forensic accountants to determine whether your spouse is attempting to hide assets.
- We are available 24/7.
- We are local and familiar with the issues and court system in Chicago, Woodridge, and throughout DuPage County.
- We provide free, confidential, and no-obligation consultations to evaluate your case and are happy to help you in any way we can.
- We are skilled negotiators, but if a fair settlement cannot be reached, we will vigorously represent your interests in court.
Our high-asset divorce attorney in Woodridge understands that when people have more to lose, they are more apt to have conflicts and less likely to compromise. As a result, we strive to find a balance between vigorously protecting our clients’ rights while preserving relationships and avoiding additional conflict.
