Carrying out High Asset Divorce Orders
When any Illinois couple goes through a divorce, there are many financial issues that must be addressed. During a high asset divorce, it can be particularly complicated to navigate disputes over support and rightful shares of marital property, but these issues should be approached with a focus on long-term interests, not just immediate goals. Failure to plan for the future during divorce can lead to complications in the future.
Divorce orders should address child custody, financial support and how marital property will be divided. Even a carefully negotiated settlement between the two parties, originally thought to be beneficial and fair, can lead to disputes when it comes to actually carrying out the terms of the order. This is because many divorce agreements fail to contain a plan of action.
Divorcing individuals should ensure that their interests are protected by including logistical details in the divorce agreement. For example, if a divorce order demands that a couple equally split a valuable collection, it should also detail how that will actually be carried out. When pertinent details are included in an agreement, it can help a person avoid costly, emotional and stressful disputes after the divorce has been finalized.
An action plan should be acceptable to both parties while still protecting a person’s financial entitlements granted in a high-asset divorce. It is important to work with an Illinois attorney who will protect the client’s interests by drafting a thorough action plan as part of any agreement. Extra precaution and a focus on the future can be the key to avoiding disputes after a high asset divorce is final.
Source: time.com, “Why Post-Divorce Finances Are Trickier Than You Think“, Lili A. Vasileff, Nov. 18, 2015