Palatine High Asset Divorce Attorney

Lawyers for Divorcing Couples With Complex Asset Division Issues in Inverness, Arlington Heights

The divorce process is rarely easy or simple, but it can be especially complicated for couples who own a large amount of high-value assets. While dividing these assets can be emotionally difficult, there are also a number of practical and financial concerns that spouses will need to be aware of. In order to ensure that your rights are protected when addressing these matters, it is crucial to work with an experienced attorney.

The lawyers of A. Traub & Associates have represented people of all income levels during the divorce process, and we understand how to address the complex financial issues involved in the division of substantial assets. We will work to ensure that your financial resources are protected in your divorce settlement, and with our help, you will be able to move on successfully after your divorce is complete.

Legal Issues in High Asset Divorces

When dividing property between divorcing spouses, Illinois uses the principle of "equitable distribution." This means that while assets do not necessarily have to be split exactly in half, each spouse is entitled to receive a fair and equitable portion of the marital property owned by the couple.

Notably, only marital property that was acquired by either spouse during their marriage is subject to division, while non-marital property acquired by one spouse before the marriage or after legal separation will continue to be owned by that spouse. However, marital and non-marital property can sometimes become commingled, and determining what is and is not considered marital property can be a complex task. 

Some types of property that may be involved in a high asset divorce include:

• Real estate - A couple may own multiple real estate properties in addition to the family home, such as vacation homes or investment properties. Decisions about the ownership of these properties may be based on where a parent with the majority of the parenting time will be living with their children, as well as a spouse's ability to make mortgage payments and pay property taxes. In some cases, real estate property may need to be sold, with the proceeds being divided between the spouses.
• Investments and retirement benefits - A couple's finances may be tied up in multiple accounts, and the assistance of a financial expert may be necessary to determine how to divide assets such as stocks, bonds, or other investments. In addition, spouses may need to divide 401(k) accounts, IRAs, or pension benefits. When doing so, a Qualified Domestic Relations Order (QDRO) should be used to avoid paying taxes and penalties for early withdrawal. If either spouse is a high-income earner, spouses may need to determine how to divide executive benefits such as supplemental executive retirement plans.
• Business interests - If either spouse has bought, founded, or invested in a business during the marriage, that business will be considered a marital asset that must be divided between spouses. The assistance of a forensic accountant may be needed to determine the value of the business, and spouses may need to work out an arrangement for dividing assets in a way that will allow a business to continue operating after the divorce has been finalized.
• Inheritances - Property that has been acquired by one spouse through "gift, legacy, or descent" is considered non-marital property. This rule also applies to any property that was acquired in exchange for an inheritance that was left to one spouse.

Contact a Rolling Meadows Complex Asset Division Divorce Lawyer

Couples who own considerable assets will need to address a wide variety of legal issues in order to dissolve their marriage. In some cases, spouses will need to ensure that the terms of a prenuptial or postnuptial agreement are followed when dividing assets. It is also important to be aware of the tax consequences a couple may face, such as capital gains taxes that may be owed on assets sold during the divorce. At A. Traub & Associates, we can make sure you have considered all legal and financial aspects of your divorce, and we will work to help you reach a settlement that meets your needs.

Contact our office today at 847-749-4182 to arrange a confidential consultation. We represent couples in high net worth divorce cases in Arlington Heights, Mt. Prospect, Des Plaines, Palatine, Schaumburg, Inverness, Rolling Meadows, Wheeling, Hoffman Estates, Long Grove, Buffalo Grove, Elk Grove Village, and throughout Northwest Cook County.