The more assets a couple has, the more difficult it is to divide them. Especially when the couple share foreign assets or interests in a business, these divorces can become complicated. However, an Orland Park attorney can help you through your high net worth divorce.
A skilled divorce attorney can advocate for your interests to make sure that any settlement is fair to you. With their help, you may be able to leave your marriage feeling prepared for the future.
There is no specific criteria used in Orland Park to determine whether a divorce is a high net worth divorce. Instead the parties involved will determine whether they believe they are in a high net worth divorce. High net worth divorces also often involve some type of business interest.
Because of the amount of assets involved in these divorces, they can become contentious. If the parties are not able to work out certain issues, mediation may be necessary. Mediation may be able to help cut down the amount of litigation necessary. This can be helpful considering high asset divorces also must go through litigation.
In Illinois, any assets accumulated during the marriage are considered joint net worth. Individual net worth refers to any assets a party accumulated prior to the marriage. Further, there are several unique factors that may need to be considered when dividing assets in a high net worth divorce. An attorney can help determine how assets can be divided in a high net worth divorce.
A prenuptial agreement is used strictly to protect the property the parties have prior to the marriage. If someone many properties or a large inheritance, and the other party is coming into the marriage with very little, the one with the assets may want to protect them in case the marriage does not work.
If the residence the parties lived in was bought during the marriage, then it is considered a marital asset and the equity is a marital asset. If the couple bought multiple homes during the marriage, they all would be considered marital assets and could be divided in the divorce. Additionally, any mortgage is considered a marital debt.
Investments are treated differently in a divorce depending on the specific circumstances. For example, there may be a business interest that would be different from standard investments. To divide these assets, the value of any pensions and of any business interest would have to be determined.
If the divorce involves international holdings and foreign assets, one of the parties may need to obtain documents to show their value. This may require an expert. However, these assets will otherwise be treated just like any other marital assets.
If one party inherits assets from their family or someone else and they keep that inheritance in its own checking account, it remains non-marital and the other party cannot touch it. However, if that inherited asset is put into a new home that they buy together, that inherited asset is now a marital asset. The non-marital or the non-relative spouse may be able to claim a part of that inheritance in a divorce.
If you believe you are in a high net worth divorce, it is crucial you reach out to an experienced Orland Park attorney. These divorces often become contentious due to the level of assets but an attorney can help sort through the issues that arise. To discuss your options, call Reidy Law Office LLC today.