High Asset Divorce in Arlington Heights and Schaumburg, IL
High Net Worth Divorces in Illinois
Divorces are seldom easy. Most cases involve temporary alimony, child custody, and division of property. The process can become more complicated, however, when the assets in dispute are of substantial value. These types of cases are commonly called High Asset Divorces and warrant the legal guidance of an experienced divorce attorney.
“Fair and Equitable” Division of Property
Illinois is an equitable division state, which means that during divorce proceedings the task of the court is to distribute all marital property between spouses in a fair and equitable manner.
Regardless of its ownership title, marital property includes all assets and incomes acquired by either spouse during the marriage. Property that is protected during the divorce is separate property, and it covers assets acquired before the wedding, and any possessions gifted from a third party during the marriage. There are situations in which separate property can lose its protected status when it has been commingled with marital property.
Commingling property is when one spouse’s separate estate is mixed with the other spouse’s marital property. For instance, if you were to use money from a joint bank account (marital property) to improve your spouse’s separate vacation home (separate property), the increase of property value could now be considered marital property. When property is commingled, you might be able to claim that a portion of it was once separate by tracing your assets. In these situations, you may require detailed documentation to prove how much you contributed to the property before your marriage.
Complex Evaluations of Property
In high net worth divorces, proper valuation of all assets can ensure that both parties are treated fairly and that the judge enters sound judgments regarding property division. Marital property valuation is the process of having an expert determine the fair market value of assets and possessions. For instance, an expert may have to determine the value of a joint business by looking at its annual statements, accounts receivable and goodwill. Challenging evaluations of other assets like intellectual property, unvested interest, and rare artwork could also warrant the opinion of an expert who could write a written appraisal or testify in court.
Moreover, high asset division could implicate problematic tax issues regarding business entities, real estate, benefit plans, and even alimony. Therefore, careful tax planning is essential when dealing with transactions of assets and liabilities. Consulting with an experienced attorney can give you a clearer understanding of what this means for your case.
Attorney Robert S. Thomas Serves Clients in Arlington Heights
High asset divorces involve a heightened level of intensity, compared to most separations, since there is so much money on the line. It is not uncommon for spouses to act in manner that’s counter to their best interest or to make grave financial errors that are detrimental to their final settlement. Luckily, hiring a competent divorce attorney could help you get the most out of your divorce.
If you are facing a high asset divorce in Arlington Heights and Schaumburg, IL, it would be wise to contact the law office of attorney Robert S. Thomas. With decades of experience, attorney Thomas has the skills to defend your best interest throughout every level of your divorce. Call today to schedule a risk-free consultation.