5 Unique Concerns in High-Asset Divorce

 Posted on November 09, 2023 in Divorce

Not every law firm is prepared to take on a high-asset divorce. The issues involved in a divorce when the spouses share substantial wealth can be far more complex than those in a divorce with a less substantial marital estate. Issues may involve not only the value of the property involved but the complexity of the types of property to be divided equitably. Splitting the cash in a bank account is often easier than dividing a fluctuating stock portfolio. Couples with financially successful marriages should work with an Illinois divorce attorney with experience in high-net-worth divorces when ending their marriage. Dividing a large and complex marital estate without significantly decreasing its total value can be challenging. Your divorce may take time as your attorney steadily works towards a resolution that is fair and financially beneficial to you. 

Issues in High Net Worth Divorce

 Some of the unique issues that may arise in high-asset divorce include: 

• Business ownership - One or both spouses often have an ownership interest in a business. Dividing that interest may be a multi-step process beginning with a skilled business valuation. One spouse may need to buy out the other’s shares or may need to develop a continuing co-ownership plan. 
• Dividing profitable real estate - Many spouses who own multiple real estate properties use at least one as a source of income. Whether you and your spouse own several apartment buildings or one beach condo you use as a short-term vacation rental, you will need to find a way to divide an asset that is still actively bringing in profit. This may mean splitting the profits going forward or negotiating so that one spouse receives property of similar expected value. 
• Fluctuating-value assets- Many spouses with the money to invest do so wisely. The problem with dividing stocks and other investments of fluctuating value is that since the value keeps changing, a fair 50/50 split is nearly impossible. 
• Managing publicity - If you or your spouse is a public figure of any kind, such as a local news anchor or city councilman, you may have the extra concern of managing any publicity your divorce may attract. 
• Prenuptial agreements - If one or both spouses had or expected to have wealth before marriage, you probably have a prenuptial agreement. Your attorney must review this document to determine how it could affect your divorce. Note that not all prenuptial agreements are valid and enforceable exactly as written. 

Each of these issues can become highly complex and involved in its own right. 

Contact a Palatine, IL, High-Asset Divorce Lawyer 

The Law Office of Nicholas W. Richardson, P.C. has significant experience managing high-asset divorce. Attorney Nick Richardson, a well-regarded Northwest Cook County divorce lawyer, will take as much time as is needed to ensure that you are getting the most fair result possible. Contact us at 847.873.6741 for a complimentary initial consultation.