What Should I Know About High-Asset Divorce?

 Posted on December 28, 2023 in High Asset Divorce

Even though all people are different and unique, divorce is generally a difficult process to go through, regardless of your background and circumstances. Figuring out new arrangements like alimony, how you will divide parental responsibilities, who will keep the family home, and what will happen to any retirement funds either of you might have can be complicated and frustrating for anyone. When you and your spouse are a high-asset couple, there are aspects to the divorce settlement that can be even harder to settle. Suppose you and your spouse have considerable assets and are concerned about how they will be affected by a divorce. In that case, a knowledgeable lawyer with experience handling similar cases can guide you through this process and advocate for your rights and interests.

What Is Considered a High-Asset Divorce?

The term high-asset divorce does not have an official definition, but it refers to people with considerable money, property, and other assets. A divorce is generally considered high-asset when at least one spouse has a million dollars. In some high-asset divorces, both spouses have these considerable sources at their disposal. In others, one spouse has vast assets, and the other does not, which can complicate the divorce settlement

Some of the unique challenges posed by a high-asset divorce include:

• Alimony/spousal support: When one spouse has considerably more income than the other, it can be pretty complicated to try to account for each person’s earning potential, standard of living, and what they contributed to the marriage, the household, and each other’s career and personal development.
• Asset division: This is always a crucial part of any divorce and can pose challenges even if all the couple needs to divide are a bank account, an apartment, and some savings funds. The challenges multiply when the couple has elaborate investment portfolios, offshore accounts, and commercial real estate.
• Privacy: People with considerable wealth may not want the details of their private finances shared with the world. Since family law court proceedings are generally open to the public, privacy interests in high-asset divorce can pose a unique challenge.

Schedule a Free Consultation with a St. Charles, IL Divorce Attorney

If you and your spouse have considerable assets, you might feel nervous about whether your interests can be protected in a divorce. An experienced Kane County, IL high-asset divorce lawyer can answer your questions, provide trustworthy advice, and advocate aggressively for your rights. Call 630-584-4800 to schedule a free consultation with Goostree Law Group so we can make a plan for your financial future.