High Net Worth Divorce in Illinois | What to Know

High Net Worth Divorce in Illinois | What to Know

If you are facing a high net worth divorce, it is important to understand that your upcoming legal process requires a special level of care. High net worth divorces are often more complex than standard divorces. This is due to the unique nature of high net worth incomes and assets. To learn more about the process and how to prepare, continue reading.

It is important that you have an understanding and aggressive high net worth divorce attorney on your side. Our legal team at Butler Giraduo, and Meister, P.C. will ensure that the assets and debts are properly valued and fairly divided in your divorce. We want each of our clients to achieve the best possible outcome. To learn more about our services and how we can assist you, give our firm a call to schedule your initial consultation.

What is a high net worth divorce?

A high net worth divorce is defined as a couple having assets that can be complex to divide. Technically, a high net worth divorce does not actually have to include wealthy spouses. However, in many instances, complex assets are of extreme value.

What are complex assets?

Marital property is divided equitably in Illinois. This means that rather than splitting the spouses’ assets in half, the assets are divided according to a list of factors that are considered by the court to determine each spouses’ personal and financial needs following the divorce.

Determining an equitable division can be complicated if there are complex assets and financial interests such as the following involved in the process:

  • Business ownership interests
  • Investment properties, vacation homes and rental properties
  • Investments such as stocks, bonds and debentures
  • Deferred income, including stock options
  • Retirement assets, 401(k)s and pensions
  • Antiques, artwork and collectibles

If you are facing a divorce with these types of assets on the line, it may be necessary to consult with an expert. Our firm consults with business valuation experts, accountants, and appraisers to value complex assets such as the above. It may even be necessary to consult a forensic accountant to trace hidden assets and separate marital property from non-marital property in a high net worth divorce.

Contact Our Experienced Illinois Firm

At Butler, Giraudo & Meister, P.C., a Peoria and Tazewell County divorce lawyer from our team is here to help you navigate the challenges of any divorce or family law matter you may be facing. We are dedicated to the practice of Family Law in Peoria, Tazewell and Woodford County and throughout Central Illinois. We provide effective and compassionate legal counsel in pursuit of our clients’ goals when dealing with any matrimonial issue, including, but not limited to divorce, alimony, division of marital assets, child custody, and child support. Contact us today.

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