If you are a high-net individual, you have a lot on the line when it comes to a divorce. With your hard-earned assets, your divorce proceedings require a special level of care, especially when it comes to decisions on property division. Continue reading to discover what to expect in the proceedings and how an experienced Peoria County high net worth divorce lawyer at Butler, Giraudo & Meister, P.C., can work on your behalf to aggressively protect your assets.
According to the state of Illinois, what constitutes a high net worth divorce?
In the state of Illinois, a high net worth divorce occurs when divorcing spouses have substantial wealth and assets. Typically, this applies to a divorce involving net liquid assets worth more than $1 million.
How does asset division work in a high net worth divorce?
In the state of Illinois, equitable distribution law applies to decisions in asset division in a high net worth divorce. This means that Illinois courts will divide the spouses’ property as equitably and fairly as possible. But with complex assets, and a lot of them, comes the need for special care when making these decisions. Examples of assets that are difficult to evaluate read as follows:
- Multiple properties, including investments such as vacation and rental properties.
- Multiple high-profile possessions, including antiques, artwork, memorabilia, expensive cars, and jewelry.
- Multiple professional practices or business ownership interests.
- Multiple investments, including stocks, bonds, and debentures.
- Multiple sources of deferred income, including stocks.
- Multiple sources of retirement assets, including 401(k)s and pensions.
With these types of assets in your possession, it is necessary that you consult with a skilled Peoria divorce lawyer before heading into your divorce proceedings.
How will my assets be evaluated?
Like standard divorce proceedings, high net worth divorce proceedings require that the spouses provide net worth statements. These statements disclose all financials, including tax returns, credit card statements, and stock investments, among others, and provide the court with a comprehensive outline of how the marriage functioned financially. But with the heightened complexity of this type of divorce, the court must also conduct an evaluation of multiple properties, businesses, offshore and international accounts, and complex taxation obligations, among other asset tracings. With this, the court will make a property division decision that is as equitable as possible.
To ensure that every asset is evaluated, it may be in your best interest to hire a forensic accountant. This accountant will investigate your spouse’s financial statements to ensure that they are not hiding any assets that you deserve a share of. Rest assured, our firm may assist you in employing one.
Contact Our Experienced Illinois Firm
Contact Butler, Giraudo & Meister, P.C., today for effective and compassionate legal counsel for the following legal matters: divorce, alimony, division of marital assets, child custody, and child support.
