What to Do When Approaching a High Asset Divorce
When an Illinois couple or individual is approaching a high asset divorce, there are steps that can be taken to protect personal interests before the process is even initiated. By taking the proper precautions, it can make a high asset divorce easier and can add peace of mind during a difficult time. As many couples wait until the new year to commence a divorce, it can be beneficial to understand how to protect finances and assets.
Before divorce papers are filed, certain financial documents should be located. Once a divorce is underway, it can be difficult to locate certain documents, such as tax returns, retirement account statements and any prenuptial agreements that may exist. A family law attorney can further explain what documents are needed for a divorce and help in dividing finances and assets in a way that is beneficial.
Once of the hardest aspects of a divorce is separating finances, particularly for couples with a large amount of wealth. It is typically recommended that an individual separate finances as soon as possible, but sometimes, this is simply not realistic before a divorce. Because a divorce can take several months or longer, it is important to understand the financial impact that the process can have and lessen the potential negative effects.
The steps that are taken to prepare for a high asset divorce can be as important as the decisions made during the divorce proceedings. Working with an experienced Illinois family law attorney can help an individual lay the groundwork for a divorce before filing papers. This is especially important for a high-asset couple or individual who will navigating the division of large amounts of money and other valuable assets.
Source: Time, “How Do I Prepare for a Divorce?“, Farnoosh Torabi, Jan. 13, 2015