Dupage County Lawyers

High Asset Divorce

Divorce "Tax Break" Will Soon Be Eliminated

There is never a good time to get divorced, but if you have high assets, you probably will be best off getting one as fast as possible.  The reason is the new Republican tax law, which will eliminate the tax break for alimony payments that are finalized or modified after Dec. 31, 2018. Agreements signed before the end of the year will still qualify for the annual deduction. This can make a big financial difference for wealthy couples where one spouse earns substantially more per year than the other. The Securities Exchange Commission defines a high-asset or high-net-worth couple as a couple...

Across the Atlantic, Studies Debunk Myths About Divorce

When it comes to divorce, having more money can often mean more problems. The Securities Exchange Commission defines a high asset or high net worth couple as a couple whose net worth exceeds $1,000,000, excluding the value of their primary residence. If you fall into this category, dividing your property during the divorce process can have complications and concerns with financial, tax, and other issues that other couples do not face. How big of a problem this becomes depends on what assets are involved, whether there are child custody and parental responsibility issues, and how willing you and your divorcing spouse...

No Illinois couple gets married with the expectation that they may someday get divorced. Because it is difficult to consider the possibility of a divorce before the wedding has even occurred, many couples fail to consider how they can establish legal protections for themselves. A prenuptial agreement can help a couple, no matter their income level, avoid potentially complex divorce issues in the future. An Illinois reader may assume that he or she does not need a prenuptial agreement, but in actuality, they can be beneficial for anyone. They are particularly important for anyone who has significant wealth before the marriage, owns...

Even when both parties are amicable and there are no disputes that must be resolved, the end of a marriage is a difficult process. Complicated emotions, hurt feelings and new schedules can make it difficult to effectively navigate complex divorce issues. The decisions made during a divorce will have a long-term impact on a person and his or her future, and a person should move through the process with a focus on a stable, sustainable future. Protecting oneself should be the main objective during a divorce. Illinois readers must not allow anger and a desire for revenge to have an influence on important...

It is not uncommon for many couples to seek a dissolution of marriage at this time of year. Spring typically sees an increase in divorce filings, and, if an Illinois reader is planning on a high asset divorce in the near future, it is crucial to avoid certain mistakes. Proper planning and preparation can help you avoid many complications during the process and after the finalization of your divorce. Many people assume that they can file for divorce at any time they decide to do so. While, technically, this is true, it is important to consider how the date of filing may impact...

A high asset divorce comes with many complicated financial issues that must be resolved before the process can be finalized. One of the main decisions that must be made during property division is determining what should be done with the mortgage that has been shared between the two parties. Smart financial decisions during a high asset divorce are vital as they will have a major impact on a person's financial health in the months and years to come. For many Illinois couples, selling the home is often the best financial decision. This not only allows the two divorcing parties to have...

It is natural to have concerns regarding the fate of marital property in a divorce. Illinois readers who are considering divorce or are already involved in the process of ending a marriage should carefully consider the benefits of keeping certain marital property, including the family home. When navigating issues concerning property division, it is beneficial to work with an experienced legal ally. Many people wonder if they should keep or sell the family home during a divorce. There are many emotional issues to consider in this matter, and such a valuable asset could be the source of disputes between parties. Before...

Illinois readers know that January typically brings an onslaught of divorce filings as many people choose to wait until the holidays are over to move forward with the process. Divorce attorneys will say that January is one of their busiest months of the year. People often just get through the holidays in anticipation of an impending divorce, but it is important to consider how property division and other factors are impacted by a January file date. The new year can bring about a renewed commitment that may inspire an individual or both parties to work through issues quickly in order to move on...

The holiday season is full of family traditions and gatherings, which is why many people choose to wait until the new year to file for divorce. January typically brings an increase of divorce filings as many Illinois residents decide to move forward with the legal process once the new year begins. No matter the reason for waiting, there are certain steps that can be taken to ease the process of a high asset divorce. Divorce can be a complicated process, especially for those who possess valuable assets and property. While there may be legitimate reasons for feeling frustrated during the process of dividing...

Not every divorce involves dividing large amounts of wealth or valuable assets, but every divorce comes with its own degree of complexity. It is never easy when a couple chooses to end a marriage, but an Illinois reader may find it easier to navigate a complex divorce with a list of divorce resolutions. A list of resolutions for the new year could make it easier to reach the goal of a positive and strong post-divorce future. One goal that a person may consider is to complete their divorce within this calendar year. Every divorce is unique, and there can be no...

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