What Challenges Does a High Net Worth Divorce Pose?

 Posted on January 27,2022 in Divorce

A divorce is an inherently tense process. Even when you are facing an uncontested divorce, tensions run high and a lot of difficult conversations must take place.

However, a detail that can make an already-stressful experience even more overwhelming is when a divorce involves partners with high net worths and high-value assets. A high net worth divorce poses a series of challenges that a typical divorce case would not necessarily present.

What is a High Net Worth Divorce?

In order to best understand the challenges that a high net worth divorce poses, it helps to define this type of divorce proceeding. A high net worth divorce involves property with substantial monetary value. Often, divorcing spouses own complex and hard-to-value assets such as a professional practice or business. Having a high net worth creates a situation in which the spouses have more to lose in the divorce. Consequently, the need for experienced, skillful legal counsel in a high net worth divorce can hardly be overstated.

The Complexities of a High Net Worth Divorce in Illinois

As mentioned, tensions are often high during a divorce. The process is grueling, and it can elicit very intense emotional responses from either of the two parties involved. However, in situations where high-value assets are involved, the pre-existing tension is often exacerbated.

This creates a challenge in and of itself, but the heightened levels of tension between both sides can create even more complexities that a non-high net worth divorce would not entail. For instance, calculating the value of assets that are difficult to quantify can cause headaches.

People who have high net worths often spread their wealth in various ways, namely by way of investments. While looking at the contents of an investment account is manageable, determining the present value of investments can be hard.

This is because certain investment avenues fluctuate, like stock market shares, while other investment opportunities, like fine art and collectibles, are difficult to identify in terms of value. Additionally, the process of determining alimony or child support can become a point of contention as well.

These are merely a few of the many complexities that a high net worth divorce can create. Strong legal advice and representation are your best bets if you are facing a high-net-worth divorce.

Contact a Hoffman Estates Divorce Lawyer Today

If you are thinking about getting a divorce but are worried about the complexities that a high net worth divorce presents, contact Rolling Meadows divorce attorney Nicholas W. Richardson at 847.873.6741 for a free, confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV%2DA&ActID=2086&ChapterID=59&SeqStart=5400000&SeqEnd=6200000