Is Uncontested Divorce Possible for High-Asset Couples?

 Posted on November 26, 2024 in Divorce

Divorce is never easy, but it can become even more complicated when significant assets are involved. For people with substantial investments, real estate, financial holdings, or other assets, the divorce process can be lengthy and difficult. However, if both spouses agree about the major issues without needing a trial, couples can have an uncontested divorce. Speak with an experienced Arlington Heights, IL divorce lawyer to understand whether uncontested divorce is an option for you.

What is an Uncontested Divorce?

When both spouses can agree on all the important aspects of the divorce that need to be resolved in the settlement, they can have an uncontested divorce. Uncontested divorce is typically faster, less expensive, and less stressful than contested divorces. The couple needs to draft a divorce agreement that is acceptable to both of them and addresses everything, including:

• How to divide their property and assets

• Who will pay spousal support and how much will it be

• Custody

• Who will pay child support and how much it will be

They can use lawyers or a mediator to help them negotiate these agreements. If they address all the key aspects of divorce without going to trial, they need to submit their agreement to the court, and if the judge approves it, their divorce can be finalized. If, however, there is even one issue that they disagree about, they need to begin contested divorce proceedings.

How Does Uncontested Divorce Work for High-Asset Couples?

It might be more challenging for high-asset couples to have an uncontested divorce, but it is certainly possible. The more assets a couple has, the harder it might be for them to agree on the best and fairest way to divide them. Their marital assets could require careful evaluation and negotiation to ensure an equitable distribution.

Challenges for High-Asset Couples in an Uncontested Divorce

Even though an uncontested divorce is possible for high-asset couples, common challenges can make it more difficult, including:

• Complex property division

• Emotional and financial tension

• Hidden assets

• Tax implications

What Can You Do to Make Your High-Asset Uncontested Divorce Work?

There are several steps recommended for high-asset couples to help encourage a successful uncontested divorce:

• Hire financial experts. Financial professionals, such as accountants, financial advisors, or appraisers can accurately value complex assets and provide expert advice on asset division.

• Work with divorce attorneys. Even though the divorce is uncontested, you and your spouse should each have your own attorney involved to ensure that the agreement is fair and your rights are protected.

• Be transparent. You must both commit to being open and honest about your income, liabilities and debts, and assets. A fair division and agreeable divorce settlement depends on full disclosure from both of you.

Speak with an Arlington Heights, IL Uncontested Divorce Lawyer

If you and your spouse share a substantial marital estate, it can be challenging to figure out how to divide everything fairly. A qualified Arlington Heights, IL high-asset divorce attorney can help you and your spouse navigate the process and reach an agreement you both find acceptable and fair. Call A. Traub & Associates at 847-749-4182 so we can review your case and advise you further.