If you are involved in a high net worth divorce in Cook County, one of your greatest concerns may be how you will divide your assets. This is where a well-versed attorney can help. A detail-oriented high net worth divorce lawyer can carefully examine your circumstances to reach a settlement that is fair to you. Throughout the process, they can advocate for your rights and interests.
The value of a couple’s primary residence plays into the evaluation of their assets. The marital residence is often the most valuable asset the parties own. However, it is only one of many factors the court may consider when dividing and determining who gets what assets. They try and figure out how much its worth, who wants it, and then divide it accordingly.
If a couple owns more than one home or more than one piece of property, it could make things easier or harder, depending on the specific circumstances. For example, each party may get one property. If that is not possible, they could sell both properties and divide the proceeds. An attorney in Cook County can help determine what may make the most sense under the given circumstances.
In the event that a couple’s property involves international holding and foreign assets, it could be a lot harder to determine the division of assets depending on the country where the assets are held. Some countries have subpoena powers that allow the attorneys to access the assets while others do not. If the assets are held in a country with no subpoena powers, they might have to hire a local attorney in that particular country to help them get what they are looking for.
It makes it harder to find, prove, and value assets if it is held in a foreign country. In addition, they have to figure out conversion rates. This could get very expensive in terms of trying to prove their case and paying somebody to come and testify for a valuation that they determined in a foreign country.
The treatment of inherited assets changes when the non-relative spouse wants to claim the property. Inheritance is generally considered a non-marital and therefore would go to the person who inherited it. However, if the spouse that inherits the property puts it into a joint bank, the attorney for the other spouse could argue that it is marital property. Therefore, it is important to work with an experienced attorney who understands high net worth divorces.
Divorce attorneys in Cook County work to represent their clients in high net worth divorces understand the involved assets and how they will be divided. An attorney from our team can help you understand your particular circumstances so that you can reach a final settlement that is fair to you. To get the help you need during your divorce, reach out to Reidy Law Office LLC.