Butler Giraudo & Meister
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High-Asset Divorce Archives

Preventing divorce from ruining a successful business

A divorce can affect a lot of different factors in a person’s life including finances, family ties, personal well-being and even that person’s career or profession. For Illinois couples who are involved in business together but have chosen to divorce, they will undoubtedly have to make some serious decisions regarding the organization’s future and success.

Managing your emotions during divorce

For many people, splitting up with a spouse may be one of the most difficult experiences of their life. After all, divorce can bring major life changes, such as relocation and affecting relationship with children. At Butler, Giraudo & Meister, we also know how divorce can affect couples financially (property distribution, child support, etc.). If you are already going through the divorce process or are just thinking about filing for divorce, it is very important to manage your emotions well.

What can a forensic accountant do for you?

The end of your marriage in Illinois is more than the end of a relationship; it is the end of your contract with your spouse. Before it can be dissolved, the two of you will have to come up with a new agreement that you can both live with, but if your marital assets are extensive, this can get tricky. According to Forbes magazine, your best step toward a solution may be to hire a forensic accountant.

A couple of things to consider about high-asset divorces

Couples who are in the midst of high-asset divorces in Illinois may be making mistakes and should take some time to consider their strategies. Their mistakes can impact their finances, especially if they do not have any prenuptial agreements in place to protect their assets.

What is a postnuptial agreement?

A postnuptial agreement is similar to a prenuptial agreement except it is entered into after you are married. If you are already married in Illinois and do not know about this option to protect your assets and create a more harmonious marriage, then it is something worth learning about. According to ABC News, a postnuptial agreement can outline several things, such as the responsibility for incurred debt, the division of property in the event of a divorce and personal things, such as the responsibilities of you and your spouse within the marriage.

Utilizing offshore accounts for a divorce

During a divorce it may bequite difficult to ensure that all the property each spouse possesses is presented before the court for a fair division. Particularly during divorces between high net worth individuals, it is often possible that one or both spouses are using offshore accounts to store their wealth.

Factors Deciding Property Division in Illinois

Due to the fact that Illinois is an 'equitable division' state, it is not necessary that marital property is divided equally between spouses during a divorce. Let's look at the main factors which decide how much of the marital property will be awarded to each spouse:

Utilizing Offshore Accounts for a Divorce

It is often quite difficult to ensure during a divorce that all the property each spouse possesses is presented before the court for a fair division. Particularly during divorces between High Net worth individuals, it is often possible that one or both spouses are using offshore accounts to store their wealth.

Protecting your finances during divorce

Divorces are tricky, and there's no telling how much of your money and assets you could end up losing to your spouse in the end. That is why it's a good idea to take steps right from the start to protect your finances in preparation for the divorce. One of the first steps to take is to make a careful evaluation of your marital assets, account balances and how much of your money is invested in joint assets.

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Morton Office
100 S. Main Street
Morton, IL 61550

Toll Free: 888-314-9667
Phone: 309-263-1204
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Commerce Bank Building
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Peoria, IL 61602

Toll Free: 888-314-9667
Phone: 309-407-3332
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