High Asset Divorce Lawyers in Chicago, IL
Chicago Illinois High Asset Divorce Attorneys
Looking for Fearless Chicago High-Asset Divorce Attorney Near You to Protect Your Interests When Dividing Complex Assets in Divorce? We’re Here For You.
A divorce is already emotional and becomes much more complex and contentious when a wealthy couple is facing a high asset divorce. If you and your spouse have accumulated significant assets like businesses, investments, retirement accounts, and real estate, your divorce process can becomes complicated. Without proper handling, the financial stakes can be substantial.
If you’re in Chicago, it is crucial to work with a skilled divorce attorney in Chicago experienced in high-net-worth divorces to protect your assets. Your financial future depends on it.
Managing your business, raising children, and caring for your home is already demanding. Don’t risk your financial future with the wrong divorce attorney. The experienced high net worth divorce attorneys at Anderson Boback & Marshall can help you develop a tailored plan for a successful high-asset divorce settlement.
Chicago High Net Worth Divorce Lawyer for Fair & Strategic Property Division
Working with a Chicago high net worth divorce lawyer will help to develop a property division settlement that is fair, equitable and best for you. Anderson Boback & Marshall attorneys provide the experienced representation you need in a complex divorce involving high-value assets. We conduct thorough interviews and listen to your concerns to create a tailored strategy for your settlement.
Our clients benefit from strong relationships with forensic accountants and actuaries who can accurately evaluate assets. We provide professional business valuation and accounting services to ensure a fair property division settlement, delivered efficiently and cost-effectively.
Your Guide to High Asset Divorce: Common Questions Answered
High asset divorces involve complex financial considerations and unique challenges compared to divorces with fewer assets. Here are some frequently asked questions (FAQs) about high asset divorces.
What qualifies as a high asset divorce?
A high asset divorce typically involves significant financial holdings, including real estate, investments, businesses, and valuable personal property. There isn’t a specific dollar amount that defines a high asset divorce. However, it generally refers to cases where the couple’s wealth is substantial. Review this article for more tips on protecting your assets in a divorce.
How Do Illinois Courts Handle property division in a high asset divorce?
Property division in high asset divorces can be intricate. It often requires a thorough valuation of assets, including real estate, businesses, investments, and intellectual property. Equitable distribution principles are applied, but negotiations may involve various assets and liabilities.
What factors do Illinois judges consider for High-Asset Divorces?
in Illinois divorce Law, Illinois judges consider several factors in high-asset divorces, including the duration of the marriage, each spouse’s income and assets, contributions to the marriage (including homemaking), the standard of living during the marriage, and the economic circumstances of each spouse post-divorce. They also examine the value of complex assets, such as businesses, investments, and retirement accounts, and may involve experts to ensure a fair distribution.
What role does prenuptial or postnuptial agreements play in high asset divorces?
Prenuptial or postnuptial agreements are crucial in high asset divorces as they can specify how assets are divided in the event of a divorce. Courts typically uphold these agreements if they are properly drafted, fair, and executed willingly by both parties.
Are all assets subject to division in a divorce?
In general, assets acquired during the marriage are subject to division. However, there may be exceptions for inheritances, gifts, or assets protected by a valid agreement. Determining what is considered marital property can be complex, especially when assets are commingled.
How do Illinois courts handle business assets in high-asset divorces?
Business assets are often a significant concern. The valuation of a business may require the expertise of financial professionals. Options include selling the business and dividing the proceeds, one spouse buying out the other, or continuing joint ownership in some cases.
Is spousal support more common in high asset divorces?
Spousal support, also known as alimony, may be more common in high asset divorces, especially if there is a significant income disparity between the spouses. The duration and amount of spousal support can vary based on factors like the standard of living during the marriage, the length of the marriage, and each spouse’s financial situation. Review our article on How to Navigate Alimony Negotiations in High-Asset Illinois Divorce for more detailed tips.
How do couples address taxes in high asset divorces?
Tax implications play a crucial role in high asset divorces. The way assets are divided and the terms of financial settlements can have significant tax consequences. Professional advice is often sought to optimize tax outcomes.
What if one spouse attempts to hide assets?
Concealing assets is a serious issue. Forensic accountants may be employed to uncover hidden assets, and courts can penalize individuals who attempt to deceive the process.
How long does a high asset divorce take?
High asset divorces can take longer than standard divorces due to the complexity of financial issues. The time frame varies depending on factors such as the willingness of the parties to cooperate, the court’s docket, and the complexity of asset valuation.
What can I do to protect my assets in a high asset divorce?
Consulting with experienced attorneys and financial advisors is crucial. Consider having a prenuptial or postnuptial agreement in place.
Open communication and negotiation can also be key to reaching a fair settlement without unnecessary legal battles.
What Should I Prepare for a High-Asset Divorce Consultation?
To prepare for a high-asset divorce consultation, bring the following:
- Financial Documents: Include property deeds, investment portfolios, retirement accounts, bank statements, tax returns, and pay stubs.
- Prenuptial or Postnuptial Agreements: If applicable, provide signed copies.
- Debt Records: List all debts, including mortgages, credit cards, and business loans.
- Business Valuation: If you or your spouse own a business, bring profit/loss statements, balance sheets, and valuations.
- Custody Details: For children, prepare schedules, needs, and any current custody arrangements.
- Your Goals: Be ready to discuss priorities like property division, spousal support, or child custody.
Why Consult Anderson Boback & Marshall:
Anderson Boback & Marshall is a leader in high-asset divorces. Our expertise in financial complexities, business valuations, and Illinois property division ensures your future is protected. Schedule your consultation today to receive tailored strategies from Chicago’s trusted divorce attorneys.
Remember, you should seek legal advice from qualified professionals based on the specific details of each case. High asset divorces require careful consideration and strategic planning to ensure a fair and equitable resolution for both parties.
Download Your Free Guide: Messy Issues in High Asset Divorce
Divorce is Complicated, We Make it Easier
We focus on the financial details that are important for high net worth marriages, including:
- Business Valuation and Division – Providing an accurate value on your family business is complex, and critical to receiving an equitable division during a divorce property settlement. You need an industry professional to help you determine the value of all company shares, and evaluate all tax implications of dividing a business in a divorce.
- Strategies to Limit Tax Liability – There are tax implications of dividing properties, investments, and shares of a business. We inform you of any negative tax implications and help to limit your tax liability with professional analysis and professional tax planning.
- Dividing Real Estate – Dividing real estate in a high asset divorce can have significant consequences. Accurate appraisals and thorough analysis of factors like real estate taxes and necessary repairs play a key role. Couples usually divide the marital home equally, either selling it and splitting the equity, or one spouse buys out the other. Treating vacation homes and rental properties often requires different approaches, making professional guidance essential to protect your rights.
- Separate Property Holdings – Exclude property owned before the marriage or deemed separate, like gifts or inheritances, from marital assets and property division..
- Pensions, Retirement, and Qualified Domestic Relations Orders (QRDOs) – Pension benefits earned during the marriage are are joint assets, and the marriage’s length can impact spousal rights. Consult a high-net-worth divorce lawyer. Consult a high-net-worth divorce lawyer. Your attorney can help with accurate pension calculations. They will also assist in issuing a Qualified Domestic Relations Order (QDRO). This order directs retirement benefits to the former spouse.
- Stocks, IRAs, 401(k) and Profit Sharing Plans – when dividing stock investments be sure to consider the total number of shares rather than the dollar values as this may change with the market.
We are passionate about managing and preserving your family’s assets and bank account, and protecting your financial resources.
Hire Anderson Boback & Marshall for Your High Asset Divorce in Illinois
We Take Your Case as High as It Needs to Go!
When facing a high-asset divorce in Illinois, you need an experienced high asset divorce attorney to secure a fair property division. Anderson Boback & Marshall guide you from start to finish, ensuring a smooth process for complex divorce cases.
We focus on Illinois family law, maintaining open communication to create a tailored strategy for the settlement you deserve.
Let Us Review Your Situation
Anderson Boback & Marshall are recognized in the Chicago legal community for skillful negotiation and fierce litigation, protecting the rights and interests of our clients. Contact us today to achieve the settlement that you deserve for any complex or high asset divorce.
