The process of dividing property and possessions during a divorce can be very stressful. The difficulty increases when a high-net-worth couple has high-value assets. These are normally more complex and require a legal team of family lawyers well-experienced in this area. This is where a Homer Glen high-asset divorce lawyer from Vahey Law & Mediation, LLC, can make all the difference.
A divorce is considered high asset if one or both parties in the marriage have a significant amount of assets of high value or complex assets, such as real properties, businesses, and financial investments.
Although Illinois has a very low divorce rate of 1.2 per 1,000 people, individuals file for divorce in our state almost every day. In many divorce cases, there are assets to divide, such as a home, vehicles, and bank accounts.
In the case of high-net-worth divorces, needing to split these high-value assets can make the divorce process much harder.
High-asset divorce cases in the Homer Glen area may require the equal division of the following:
While most people think that during a divorce, everything they own is split 50/50, that's not always the case, especially in a high-asset divorce.
In a divorce, Illinois courts follow the principle of equitable distribution. This means that assets are divided fairly between both spouses, which is not always an equal split.
In addition to dividing assets, there are other shared financial issues that also need to be considered and agreed upon before the divorce can be finalized, such as:
Just like any divorce, couples have the opportunity to reach a settlement themselves without court intervention. Our Homer Glen high-asset divorce lawyer can help make the divorce process as smooth and straightforward as possible for you.
If a divorce case needs to go to court to settle matters of property division, which is not uncommon in high-asset divorces, the courts will take into account the following factors:
Prenuptial and postnuptial agreements help couples make certain decisions about how their financial responsibilities, assets, and debts will be handled during the marriage and during divorce. These legal documents can be beneficial in protecting individual assets and setting clear expectations.
A recent survey found that about 20% of polled couples have a prenup, yet around 50% of those surveyed said they support the idea of a prenup. Both marital agreements are common among high-net-worth couples, and they can add to the complexity of splitting your assets amicably.
For example, if the language of a prenup is too vague or a spouse did not fully disclose all of their finances at the time it was created, it can be challenged in court.
Because postnups are drawn up after assets and finances have already commingled, they may be more closely analyzed by the court to ensure the agreement does not benefit only one spouse and meets all legal requirements.
During a divorce in Homer Glen, emotions can run high, which can cause extra stress and even confusion when dividing your assets. As there is so much at stake with a high-asset divorce, it is extremely important to hire a high-asset divorce lawyer.
A high-asset divorce lawyer can provide the following services:
In Homer Glen, Illinois, assets that are considered untouchable are those that one spouse obtained before getting married or received personally. These assets are referred to as separate property. Some examples include:
If you are looking to divorce your spouse in Homer Glen, moving out could be a mistake because it could have negative repercussions in your divorce case, such as influencing property division negotiations. If you have children, moving out would result in spending less time with them, which could harm your custody claim. You could also lose access to personal items and important documents that were left in the home.
In most cases, your spouse would be entitled to half of the value of your home, even if it’s in your name. In Illinois, a home purchased during your marriage is considered marital property, which means it is subject to equitable division.
If you purchased the house before you were married, it may be considered separate property. However, if you used marital funds to make mortgage payments or home improvements, then the courts may consider the house to still be marital property.
There are a few reasons why you may be disqualified from receiving alimony from your spouse. These include the following:
During a divorce, it's crucial to have a Homer Glen high-asset divorce attorney from Vahey Law & Mediation, LLC, by your side.
Our legal team has decades of experience handling high-asset divorce cases in Homer Glen, Joliet, and the greater Naperville area. Our aim is to ensure you understand the complexities of dividing high-value assets and feel confident that you are receiving all that is rightfully yours.
Contact our office today to learn more about how we can assist you with your high-asset divorce.
