Naperville High Asset Divorce Lawyer

Naperville High Asset Divorce ATTORNEYS

If you are a resident of Naperville and you are going through a divorce or are expecting to go through a divorce, you should consider contacting a Naperville high asset divorce lawyer. High asset divorces can be complex, with numerous issues that must be addressed during the divorce process. Mishandling any of these issues could have serious consequences. Having an experienced high asset attorney on your side can help. Divorce lawyers can be a key resource in guiding you through the divorce process.

Naperville High Asset Divorce Lawyer

Family Law in Illinois

Naperville, IL Family law covers all aspects of obligations, rights, and the well-being of family members, which can include children, parents, or domestic partners. Common court cases that fall under Illinois family law can include:

  • Divorce
  • Legal Separation
  • Property division
  • Child support
  • Spousal support
  • Adoption

Division of Property in a High Asset Divorce

During the divorce process, assets are divided among three types of property: marital property, separate property, and commingled property.

  • Marital Property

    Marital property under Illinois state law can be defined as any property that was acquired during the marriage. Any asset or liability that was gained after the marriage and before the date of the divorce can be considered a marital property. For example, if a couple gets married and they buy a home together then that home will likely be considered a marital asset.

    Some other examples of marital property can include homes, investments, retirement accounts, life insurance policies, vehicles, and savings accounts.

  • Separate Property

    Separate property or non-marital property in Illinois can be defined as property that is held separately from marital property. In general, separate property is excluded from the property division process in a high asset divorce. Some examples of separate property can include any property that was acquired before the marriage, any property that was acquired by a gift or legacy, any property that was acquired after legal separation, any increase in value from a separate asset, and any income from a separate asset.

    In a high asset divorce, it is likely that each spouse will have a substantial amount of separate assets. It is critical that you keep these assets protected from the property distribution process. With the help of an experienced divorce attorney, you can fight to keep the assets that you rightfully own.

  • Commingled Property

    When separate property becomes commingled with marital property, it can become marital property. If separate property becomes commingled, then it can become subject to property division in a divorce.

    An example of this is if a couple each has their own bank account before they get married. The funds in the accounts would be considered separate assets. When the couple gets married, they join the funds together under a joint bank account. The funds are now considered marital property.

    Some properties that can be difficult to classify can include businesses or real estate. If a couple owns a business together, then in most cases, a valuation will need to be done on the business to determine its worth so that it can be divided equitably among spouses. It’s important to note that if the business grew in value since its inception, that value growth will be considered in the property distribution. Real estate, such as vacation homes or other property, can also complicate the divorce.  

Ways to Protect Your Assets in a High Asset Divorce

There are a few options available to individuals who wish to ensure that their separate assets are protected from distribution in the event of divorce.

  • Have a prenuptial agreement in place. A prenuptial or postnuptial agreement can protect assets and mandate how assets will be divided in the event of divorce. As long as the agreement is knowingly signed between both parties, it can remain valid.
  • Place assets in a trust. Placing assets in a trust can serve to protect them and keep them separate from the divorce proceeding.
  • Keep separate accounts. Keeping separate bank accounts and investment accounts can help to ensure that assets do not become commingled and subject to property division.
  • Keep records. It can be a wise idea to maintain thorough records of all accounts, such as bank accounts, credit card accounts, and investments, so that you can prove who spent what if need be. 

What Does a Family Lawyer Do in Illinois?

A family lawyer in Illinois can help you resolve family law issues that you may have. This can involve cases regarding child custody, divorce, spousal support, domestic violence, or any other type of family rights litigation case. If you have ever experienced any of these issues, you may be left with many questions. A family lawyer can provide the answers and the legal advice that you need.

Also, if your case were to go to court, you want to ensure that you have a knowledgeable attorney on your side who is experienced in local family law cases. An experienced attorney will have the wherewithal to successfully negotiate on your behalf. The Illinois court system can have strict deadlines and require legal documentation to be correctly filled out. An attorney can help you complete these documents and ensure that they are turned in on time.

How Much Will a Family Law Attorney Charge?

The amount that a family lawyer will charge depends heavily on the complexity of the legal case in Naperville, Illinois. Each case is unique and different, so exact pricing is likely to vary between cases. A single family law case can range anywhere from a couple of thousand dollars to several million. Several factors could influence the amount an attorney will charge in a family law case. One of the most influential factors regarding the attorney’s payout is the fee structure of the attorney.

Family lawyers can have different fee structures. Some attorneys may charge an hourly fee while some could charge a contingency fee. Some attorneys may even charge a retainer fee.

  • Hourly fee structure. An hourly fee structure is where the attorney is paid based on the number of hours that they spend working on the legal case. Hourly rates can range from hundreds of dollars to thousands of dollars, depending on the attorney. An attorney may charge an hourly fee if they believe that the legal case will require substantial time to resolve.
  • Contingency fee structure. A contingency fee arrangement is an agreement that the attorney will only be paid out based on the success of the case. If the attorney is unsuccessful in resolving the case on behalf of the client, then the attorney will not be paid a fee. The fee will be paid out of any settlement received from the case. Contingency fees are commonly used among personal injury attorneys.
  • Flat fee structure. Some attorneys may charge a flat fee. This type of arrangement can be beneficial to a client who wants predictable costs for the services they need, regardless of how complicated they become. Typical legal services that can be done under a flat fee structure can include drafting a will, forming a corporation, representing a defendant, or litigating an uncontested divorce.

No matter what kind of fee structure an attorney charges, it is important to communicate clearly with a potential attorney to understand your financial responsibility if you choose to retain that attorney.

How Do I Know Who Is a Good Lawyer?

No matter which lawyer you select to help you along your divorce journey, it is important that you do your research to ensure you pick the right one. Any trustworthy attorney will not be difficult to verify. You can check the Illinois State Bar Association to make sure that they are legally authorized to practice law in the state. The American Bar Association also provides free directories.

Another way to help ensure that you made the right choice is to read online reviews. Generally speaking, if clients are happy with the service or work that was provided, they will leave a review online. The same applies when clients are unsatisfied. Unbiased reviews can provide important information about a law firm’s services. In reading online reviews, you should focus less on the outcome of the cases and more on the conduct of the attorney or law firm. You want an attorney who has an established reputation for being supportive and professional.

A Legal Team That You Can Trust

Divorces can be difficult for all parties involved. A divorce can bring on physical, mental, and emotional stress, especially if you do not have the necessary legal help. Having a legal team that can support you through the divorce process can help to ensure that your needs are met and that your assets are protected. The Illinois state legal system can be a complex system to navigate on your own.

At Vahey Law & Mediation, LLC, our legal team is ready and able to help you through the divorce process. We handle each case with the compassion, dedication, and determination needed to ensure that you get the outcome you deserve. When you engage a member of our legal team, you can rest assured that your divorce will be handled by a legal professional. Contact our office today to speak with a member of our team about your potential options.


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