December 23,2020

Divorce, High Net Worth Divorce, Property Division

Goodman Law Firm

Preparing for Your High Asset Divorce

HomeBlogDivorceHigh Net Worth DivorcePreparing for Your High Asset Divorce

Divorce is complicated, but a high asset divorce is that much more so. One of the components of divorce that’s most likely to become contentious is the division of marital property, and when there are variety of assets and/or valuable assets at stake, it makes dividing it fairly under the given circumstances a far more complex endeavor. If you’re facing a high asset divorce, there are certain steps you can take to help protect your financial rights and to help ensure a smoother path forward. One of the most important of these steps is to work closely with an experienced DuPage County, Illinois, divorce attorney from the outset.

Consulting with an Experienced Illinois Divorce Attorney

Divorce is a difficult transition, but avoiding the issue is not in your best interests and won’t make it go away. The fact is that your divorce will significantly affect your future finances, and the more substantial or complex your assets, the more you stand to lose. While you may be tempted to accept what appears at first glance to be a generous early offer, that offer is more than likely an attempt to finalize the divorce before you ascertain and appreciate the nature and value of your combined marital assets.  Resourceful divorce attorneys have the insight, experience, and legal acumen to ascertain the extent and worth of your marital assets and to skillfully advocate for a just division of those assets. 

Understanding the Court’s Perspective

The State of Illinois divides marital property equitably rather than equally. This comes down to dividing those assets that you and your spouse acquired during the course of your marriage fairly under the circumstances of your marriage. To do this, the court will take wide-ranging factors into consideration, including all of the following:

  • Both spouses’ contributions to the marriage and marital property, including contributions such as caring for the children and housekeeping
  • The duration of your marriage
  • Whether either spouse attempted to hide or to spend down assets prior to the divorce proceedings 
  • What each spouse’s tax obligation will be post-divorce
  • Each spouse’s future earning potential

The division of marital property may be complex especially if you have a diverse range of assets and/or the value of the assets cannot be immediately ascertained such as an ownership interest in a business or a professional practice

Doing a Deep Dive into Your Financials

Before the court can go about orchestrating an equitable distribution of your marital property, you’ll need to verify your marital assets and their value. This is typically a complicated and exacting process that can be made more so by a spouse who is invested in hiding assets and/or minimizing values. For divorces involving high assets, it’s often necessary to bring in forensic accounting experts who are well versed at following the money.  

Reach out to a Dedicated DuPage County Divorce Attorney Today

Your high asset divorce requires even more careful legal attention, and attorney Cameron H. Goodman at Goodman Law Firm – proudly serving DuPage County, Illinois – has an impressive wealth of experience helping clients like you obtain fair divorce terms that support their financial rights. We’re here for you, so please don’t put off contacting us for more information today.


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