How Can I Prepare Myself for a High Asset Divorce in Illinois?

 Posted on January 17,2024 in Divorce Finances

Divorce tends to not be a simple matter regardless of the specific circumstance. Hurt feelings, financial concerns, and disappointment are typical. When the couple has what is considered a high asset divorce, the complexities increase. The significance of how assets are valued and distributed can be life-changing for some.

In some cases, both spouses are the owners of large companies, and dividing these can be very complicated. Sometimes, a couple’s wealth is the result of one spouse having an extremely lucrative and high-powered job, which was only made possible due to the other spouse staying home to take care of their family and household maintenance and therefore not earning their own salary. Whatever the reason, considering divorce under such conditions can be confusing and stressful. A Kane County, IL, high asset divorce lawyer can help you sort through the confusion and advocate fiercely for your rights.

Take an Inventory

In order to decide what you would consider a fair divorce settlement, you need to know the value of your marital estate. Before you can even think about what you would like to walk away with after the divorce, you need to know what marital assets you share. Make sure to get records of:

• Any properties either spouse purchased after the marriage, whether they are for residential or commercial use.

• Any mortgages in either of your names.

• Any bank accounts in either of your names.

• Any retirement and/or investment accounts in either of your names.

• Any cars or boats registered to either spouse.

• Any businesses owned by either spouse.

• Any jewelry, antiques, artwork, or other assets owned by either spouse.

Consider All Factors

You might figure out how much all your marital assets are worth and try to figure out how to split them so that each spouse is given assets of equal value. However, that bottom line is not the only thing to consider. What you are given in a division of marital assets might end up costing you more than you can afford. For example, if you want to keep the family home, you will need to be responsible for the mortgage payments. If there is no mortgage, you will still need to be able to cover the home maintenance costs like utilities, home repairs, neighborhood board fees, and more. You might find that being “given” the home is actually a burden that you cannot shoulder, and you might be better off in the long run without it.

Make Sure You Have Experienced Legal Representation

Although the division of marital assets in a high-asset divorce can be a complicated matter, an experienced lawyer can make all the difference. Knowing how to search for any hidden assets, evaluate all your marital holdings and assets, and protect your best interests is critical. A reliable attorney can give you the guidance you need and advocate for your rights.

Schedule a Free Consultation with a St. Charles, IL, High Asset Divorce Lawyer

If you think you and your spouse will soon be moving towards a high asset divorce, let a knowledgeable Kane County, IL, divorce attorney. At Goostree Law Group, we are dedicated to fighting for your best outcome, so call 630-584-4800 to schedule a free consultation.