Dividing assets in Orland Park high net worth divorces can take longer due to the number of assets involved. For example, parties to a high asset divorce may have multiple houses and foreign holdings. However, regardless of the number of assets involved in a divorce, the basic process is the same. The parties still must determine all the assets they have and then divide them equitably. A well-versed high net worth divorce lawyer can help guide you through the process to make it as smooth as possible.
The value of the couple’s primary residence plays in the evaluations of their assets. However, it is simply one of many factors. Further, it is an asset, but it is not a liquid asset, meaning that the parties could not sell the stock and get the cash proceeds. Instead, they have to lease the house, find a buyer, or buy it themselves. The process can take multiple weeks or months.
Under certain circumstances, it is easier to divide assets if they have multiple homes. When the parties have multiple homes, they may need to get some experts to appraise the homes and provide a value. When they are trying to divide the rest of the assets and liabilities, they have the values of the homes on the respective parties’ side of the ledger. The problem could come into play if both parties want the same house. If parties cannot agree, the court might have them sell both houses and split the proceeds.
Certain assets are not treated differently in these divorces. The assets are treated the same as in any other divorce. The parties will work to identify whether the assets are considered marital assets, meaning they were acquired during the marriage, or non-marital assets, meaning they were an inheritance, gift, or acquired outside the marriage. An attorney can thoroughly evaluate the assets in a high asset divorce to help label and distribute them equitably.
If the couple’s assets involved international holdings and foreign assets, it could make the process more complex, depending on the country the assets are held in. That is because the United States has better relationships with certain countries, and no subpoena powers in other countries. If people have their assets overseas, there are some steps that attorneys have to take to get those documents. An attorney can further explain the process of international holdings and foreign assets.
Although, in theory, dividing assets in Orland Park high net worth divorces is the same process of dividing assets in any other divorce, there are factors that can make the process more complex. For example, the process may be more difficult if the parties have international holdings. Therefore, it is important to work with an experienced attorney who can help guide you through the process. For the help you need, call Reidy Law Office LLC today.