Money is a common point of contention during marriage, but it can be even more so during divorce. Individuals may feel as if they are hyperfocused on securing their future financial situations, but in doing so often overlook the need for financial focus in the present. Paying close attention to investments during a high asset divorce should be a priority.
Investments made during marriage are usually considered marital property in Illinois, but there may be situations in which an investment is the personal property of only one spouse. In this case, he or she might consider updating beneficiary designations. Many people list their spouses as beneficiaries, and overlooking this seemingly small detail could result in unwanted financial actions.
Either accessing investment accounts for the first time or maintaining previous access is also essential. This includes getting login credentials, account numbers and any other information required to access investment information. Not only will this access help a person better understand his or her financial situation, but it will also make it easier to monitor funds that an ex might be tempted to withdraw. Getting accustomed to looking at and interpreting financial information is also important for a person whose spouse was in charge of the finances during marriage.
A high asset divorce quite often involves complex assets that can be difficult to divide. Attention to detail is absolutely necessary during this process, but many individuals might find it difficult to divide their attention between multiple issues. A person who is in this situation might find that speaking with an experienced Illinois attorney can clarify his or her options for accomplishing this.