Butler Giraudo & Meister
Peoria 309-407-3332
Morton 309-263-1204

High-Asset Divorce Archives

How can I prepare my finances for a high-asset divorce?

If you are getting a divorce in Peoria, you may have wondered how you can prepare for that financial hit. Some divorces are amicable with couples never needing to set foot in court, or at the very least, not for long. However, when there are high-value assets involved, years of marriage that led to entangled ownership, and a breadwinner versus homemaker situation, things might become more complicated.

Financial debts and divorce

When individuals get a divorce in Illinois, the most complex parts of the settlement often revolve around finances. When a court grants a divorce, part of the order includes a division of the couple's finances, including both assets and debts. It is important for individuals to understand how debt may affect a divorce settlement.

Make sure you know about all your spouse's assets

Couples who are going through a divorce in Illinois must make sure they are aware of all the assets and income the other spouse has. Unfortunately, some spouses hide assets so they do not have to divide them up during divorce proceedings. This is especially true in high-asset marriages. Legally, each spouse needs to fully disclose what he or she has, but it also helps to know how to look for assets the other side may try to hide.

Dividing up 401(k)s and other retirement assets in a divorce

Illinois couples divorcing after their 30s, likely already have some retirement assets to divide. The older the couple, or more specifically, the breadwinner, the more valuable the retirement assets may be. When these retirements plans were first put in place, the couple may not have made provisions for divorce. However, the higher earner now has to consider how the lower-earning spouse or homemaker fares financially on their own.

Ways a postnuptial agreement could be invalidated

Many couples who have a lot of assets at stake compose prenuptial agreements to describe how they would like their property divided should they decide to divorce. However, not every couple takes this option, though after tying the knot, some couples may wonder if they should have done otherwise. Fortunately, drafting a postnuptial agreement is an option. Still, any couple should be careful that they do not unintentionally make the postnup unenforceable in an Illinois court of law.

Do I need a prenup?

Prenuptial agreements establish rules about asset ownership when a couple enters into a marriage in the event the union ends in divorce. While many people believe these legal documents are only suited to the extremely wealthy, they're quite useful in a wide variety of situations. Forbes offers a few examples of people who should have prenups in place before they marry. 

Addressing an identity crisis after divorce

When the subject of divorce crosses someone's mind, they may think about how this major life change could affect their kids or their finances. However, the emotional toll of a divorce should not be ignored either, as it can create serious issues for men and women alike. Aside from depression, anger and stress, some people suffer an identity crisis after their marriage ends. For example, someone may have pictured themselves as a spouse for many years, and when they become single after a divorce they may feel as if they do not know who they are.

What happens to a house when the owners divorce?

Once a Peoria couple decides to call it quits on their marriage, they have to choose what to do with their home. According to Nerdwallet, the first step is to assess the value of the home. Once that is accomplished, the equity of each spouse can be determined, which is the amount that each spouse owes on the home. From there, the spouses must make a choice regarding the future of their home.

Can you keep all of your 401k?

When you choose to get a divorce in Peoria, you may be prepared to have to split the value of a number of your assets with your spouse. One of the assets you may not be prepared to share, however, is your 401k. The funds in your 401k are the result of your employment; why, then, would they be considered a marital asset? First off, you should understand that the entire amount of your 401k may not be subject to property division; only the amount contributed to it during your marriage is. Since these contributions are made from your income, they are considered marital property. 

When counseling cannot save a marriage

For many couples facing problems in their relationship, meeting with a counselor is a good way to resolve differences and find some common ground. Many marriages have been salvaged as a result of counseling, which can help people understand their spouse better and discuss some of the challenges within their relationship in a healthy manner. However, counseling certainly does not work for every couple, and in some cases, it may even make the marital problems a couple is dealing with even worse. If you are dealing with this, you may have no choice but to move forward with a divorce.

  • I cannot even express in words the level of gratitude that I feel. ‘Thank you’ doesn't seem to be enough. Please know that your services and compassion will never be forgotten! I am forever grateful!

  • Thank you so much for your hard work and expertise. I feel as a father in the state of Illinois that what I am trying to achieve is nearly impossible. I am so glad I chose to have your office full of extremely intelligent women represent me.

  • We would like to say thank you for your expertise, education, and kindness when we met with you! Your confidence has helped to comfort us and give us hope that resolution of the issue is possible.

  • I just wanted to say thank you from the bottom of my heart for all your time, energy, and efforts you put into our case. Thank you for helping make our son's quality of life better. I cannot tell you how happy we are!

More Testimonials
Contact Us Today

Contact Our Lawyers About All Areas Of Family Law

We are driven and committed to a successful outcome for all of our clients. To arrange a consultation with attorney Susan Butler, Kelly Giraudo or Tamara Meister, call 309-263-1204 (Morton) or 309-407-3332 (Peoria). You can also contact our law firm by filling out the form below. With offices in both Peoria and Morton, we work hard for our clients while getting to know them as people.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Morton Office
100 S. Main Street
Morton, IL 61550

Toll Free: 888-314-9667
Phone: 309-263-1204
Morton Law Office Map

Peoria Office
416 Main Street
Commerce Bank Building
Suite 927
Peoria, IL 61602

Toll Free: 888-314-9667
Phone: 309-407-3332
Peoria Law Office Map

Morton Office Peoria Office