The higher a couple’s net worth in Kankakee County, the more complex a divorce may be. This is mainly because there are generally more assets that must be divided. An experienced divorce lawyer can help evaluate all of an individual’s assets and reach an arrangement that is fair to you.
There is not a clear definition of what constitutes a high net worth divorce. However, the statute says that, in a marital estate with annual incomes of $500,000 or more, the general guidelines no longer apply. It is important to note that, if a divorce is considered to be high net worth in one area, it may not be high net worth elsewhere.
In terms of differentiating individual net worth from joint net worth, it is all relative. One party does not need to have a $500,000 income for a divorce to be considered high net worth. If one party has $300,000 and the other has $200,000, that is probably a high net worth case. In a divorce, the focus is more on the marital estate than on the individual. An attorney can evaluate the specific circumstances to determine whether a divorce may be considered high net worth.
The value of a couple’s primary residence plays an important role in the valuation of their assets. The equity of the primary residence is going to have an impact on their overall estate, assuming it is marital property. The couple has to figure out who is going to keep the house or if they are going to sell or rent it.
That process is not any different if they primarily reside in more than one home. It just gets added to the balance sheet as there is more than one piece of property that needs to be divided. An attorney can further explain how property will be divided.
Inheritances are considered non-marital property, meaning a person’s inheritance remains their separate property, even in a divorce. However, non-marital property can be used as a factor by the court in determining how to divide the marital property. The inheritance cannot be touched, so the other side may get more property than they would have otherwise.
Otherwise, assets are not treated differently in high asset divorces. The lawyer will try to identify them, give them a proper valuation, and then divide them equitably. In the event that the couple’s assets involve international holdings and foreign assets, it can be more difficult because they may need to get counsel in the foreign jurisdiction and ask them to get a copy of those records.
A well-versed attorney in Kankakee County can help you with your high net worth divorce. With our help you can make sure you are protecting what is important to you. This can help you leave your marriage feeling prepared for the future. For help from an experienced divorce lawyer, call Reidy Law Office LLC today.