When a couple has a large number of assets, their divorce would be considered a high net worth divorce. This can make the process more complicated as it may involve additional attorneys and issues. Therefore, it is important to work with a lawyer who has experience handling high net worth divorces in Cook County. A well-versed divorce lawyer can help you reach an agreement that makes sense for you.
As defined by Cook County law, there are no exact guidelines for what is considered a high net worth divorce. When a couple’s valuation of assets is millions of dollars, it is considered high net worth or high assets. However, the specific point at which a divorce becomes high net worth is subjective and depends on several factors. For example, it would depend on where the parties reside and the standard of living in that area.
With a high net worth case, the parties are probably going to want to have three attorneys working on their case to make sure they are getting different perspectives on the issues involved. A team of attorneys could use their collective experience to find solutions to the issues in the divorce.
High net worth is differentiated from joint net worth in this context because the assets in the marital estate are being considered. However, one party could have a significantly high net worth that was not acquired during the marriage. This scenario would still be considered a high net worth case.
A prenuptial agreement in high network cases can offer protection in this scenario. If one party has significant assets prior to entering a marriage, it may be helpful to have a prenuptial agreement to protect those assets in the event of a divorce.
Mediation is often used for high net worth cases to help solve issues regarding children. It is less common to use a mediator for financial issues. However, in a high net worth situation, the parties probably have more funds available, and if the parties want to use mediation, they could probably find a qualified person to help with the division of their assets and liabilities.
So long as an inheritance was given to one spouse and not to the marital unit and so long as that property is kept separately and not commingled into a joint account, it is considered non-marital, meaning it belongs to the spouse who inherited it. This means none of the inheritance will be given to the other spouse. However, the spouse who did not receive the inheritance could make the argument that they are entitled to more of the marital property because the other party has more non-marital property, but that is one factor of many that will determine the division of assets.
In a high net worth cases, like any other case, assets are divided on equitably and not equally. A Cook County attorney can help guide you through the process of a high net worth divorce to help you reach a settlement that is fair to you. To get the help you need, reach out to Reidy Law Office LLC.