How to Navigate a High Asset Divorce

 Posted on January 31,2024 in Divorce

Divorce can be a complicated process to go through. Two people who at one time thought they would spend the rest of their lives together need to go through the emotional pain of a breakup while also working together to form a divorce settlement. They need to agree on all the ways their formally-merged lives will now be separate. 

When a couple has a high asset divorce, complications increase. Since the amounts being discussed are much larger than average, any division of property or assets makes the stakes feel even higher. If you and your spouse share marital wealth and you are concerned about how you might be left financially after a divorce, a knowledgeable Arlington Heights, IL high asset divorce attorney can answer your questions and advocate passionately for your rights.

What Exactly Is a High Asset Divorce?

While high asset divorce is when a couple with considerable wealth - in the form of assets, property, and finances - ends their marriage, there is no official set of conditions that define it. A general amount used for determining whether a divorce is considered high asset or not is if at least one spouse has at least a million dollars in assets. In some cases, one spouse has considerable individual wealth and the other does not. In other cases, both spouses are wealthy. In either case, the scope of assets that need to be divided poses challenges.

While the division of assets can be a complicated matter in any divorce, it can be further complicated by a couple’s portfolio that might include things like commercial property, offshore accounts, shares in a company, and elaborate investments. These may require specialists who help the asset’s owner value the asset and decide how to manage it. 

Determining spousal support, otherwise known as alimony, might be less of a worry if both spouses are wealthy. When one spouse has considerable wealth and the other does not, the standard calculations are typically used to determine what would be a fair amount, including each spouse’s contributions to the marriage and household, how each supported the other’s education and/or career, and their potential earning capacity in the future.

Contact an Arlington Heights, IL High Asset Divorce Lawyer

If you are feeling nervous about an impending divorce where considerable wealth is involved, you should speak with an experienced Arlington Heights, IL divorce attorney. At A. Traub & Associates we are compassionate about advocating for your rights and best interests. Please call 847-749-4182 so we can begin planning how best to represent you.