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High-Asset Divorce Archives

Other ways a high-asset divorce could affect you

When people think of high-asset divorce, they may picture a contentious courtroom battle or financial concerns brought on by the division of marital property or a child support order. While these are issues that many people have to work through, there are many other ways in which people can be affected by splitting up with their spouse. As a result, if you are in the middle of a family law matter or a high-asset divorce is right around the corner, you should think about all of the ways you could be impacted as you try to prepare.

High asset divorce and custody issues

If you have a high net worth, different concerns may be on your mind when it comes to the end of marriage, such as court decisions involving the division of marital property and the amount of money you may have to pay in spousal support or child support. However, those which relate to the custody of your children can be particularly difficult for you and your kids. Working through a high asset divorce can be challenging from a financial standpoint, but you should make sure to focus on custody matters and the best interests of your child.

How can you see if your spouse is hiding money?

Couples in Illinois who are going through a high-asset divorce have a lot to consider. Each side needs to dig a little deeper sometimes to uncover assets the other one may be hiding. One way some wealthy individuals attempt to keep money from their spouses is through an offshore account. While keeping money in a different country is not illegal, keeping it secret and not paying taxes on the income earned definitely is illegal. Knowing how to find out if your partner has an offshore account has become easier thanks to new tax laws.

When an auto accident leads to divorce

Auto accidents sometimes result in debilitating injuries and even the loss of life. However, some of the other consequences of a crash should not be overlooked, such as the potential strain that these accidents can bring to a relationship. After a wreck, a person's life may change in all sorts of ways, whether they become immobilized, experience financial issues due to being unable to work, or suffer from post-traumatic stress disorder or emotional challenges such as depression. Sadly, these can all create problems within a relationship as well.

Divorce and tax season

Even though bringing your marriage to an end can be tough at any point during the year, certain times may be even more challenging. Heading into the tax season can be especially difficult for some people for an array of reasons. Not only can this time of year bring additional anxiety, but some people may also face financial problems when it comes to paying their taxes. Regardless of the difficulties you are facing, it is essential to look over the unique facets of your life and figure out how you can address divorce-related problems or at least try to reduce the impact of these difficulties.

Does being depressed make divorce more likely?

There are many different topics to consider with regard to ending a marriage, from the impact that this decision could have on kids to the division of marital assets. However, it may be helpful to review some of the reasons why divorce arises or becomes necessary and different issues that can affect a person’s experience as they work through a divorce, such as depression. During the winter, many people feel depressed or less energetic and this can influence divorce-related issues.

Going through divorce as a workaholic

Many people struggle with divorce, regardless of their personal circumstances or habits. For some, however, divorce can be even more challenging. For example, if you consider yourself a workaholic and feel as if you are always at work, the divorce process may seem more daunting to you, especially if you are always short on time. Our law office knows that it can be very helpful for people who are in this position to carefully approach their divorce and take all possible steps to minimize potential problems, especially if you do not have much free time.

Approaching high asset divorce properly

With any divorce, taking the proper approach is critical. However, this may be even more important if you have a high net worth. Divorce can be tricky from many standpoints, which we have gone over on this blog, such as legal issues involving children. That said, the potential financial impact of divorce requires a closer look, particularly if you will be going through a high asset divorce. At Butler, Giraudo & Meister, we can understand that some people may feel unsure of where to begin with any divorce, let alone those involving significant assets. By methodically looking over your choices and planning your path forward, an outcome that is more favorable, both in terms of your assets and other factors, may be more attainable.

Bankruptcy and the end of marriage

When a couple calls off their marriage, there are a multitude of legal hurdles that could arise, such as disagreements related to the distribution of marital property or a child custody arrangement. That said, the financial impact of divorce can be significant and many people are unsure of their rights or how the divorce could affect them from a financial standpoint. For example, some people may consider filing for bankruptcy right before a divorce, while others may wonder how their spouse's bankruptcy case could affect the divorce.

Identity theft and high-asset divorce

If you are preparing for the end of your marriage or trying to move forward after a high-asset divorce, you may be facing various challenges. We have covered many of these issues on our blog, such as property division and those involving children (custody, child support, etc.). However, there are additional concerns that may be raised during the process of divorce or some point down the road, which can be especially difficult for those who have significant assets. For example, identity theft can be a serious concern for some people and has created many problems for those who have been through a bitter divorce.

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