Successful professionals who have significant personal holdings typically have much at risk when they divorce. In some cases, there may be reason to worry about private information becoming public.
During litigated divorces, spouses generally have an obligation to make thorough disclosures to one another. They must provide an inventory of their assets to one another and to the family courts. Disclosures about personal holdings or even financial obligations can trigger complications for those in high-profile positions.
Many others simply do not want public records to contain information about their various assets and debts. Those hoping to preserve their privacy throughout an upcoming Illinois divorce may want to consider working together instead of fighting one another throughout the divorce process.
Uncontested divorces are more private
Spouses do not always need to make thorough disclosures about their finances during divorce proceedings. It is typically possible to preserve their privacy if they settle matters outside of court. The only details that become public record in an uncontested divorce are the terms of the settlement.
Spouses who already negotiated a prenuptial or postnuptial agreement can use the terms included in that document to guide the divorce process. Those who have not yet fully settled their disagreements about property division and financial support may need to look into solutions to resolve those issues amicably.
Collaborative divorce, where spouses commit to cooperating with one another, often involve communication through attorneys. Those conversations are generally privileged under the law and professional standards.
Spouses who struggle to agree on key divorce terms could attend mediation together. During mediation, spouses can do a deep dive into their circumstances in a confidential setting. They may be able to work out terms that are fair and reasonable. So long as they can resolve matters without litigating, spouses theoretically have the ability to keep much of the information about their divorce private.
They also retain more control over the outcome. Judges tasked with dividing complex mistakes could potentially set terms that do not work well for either spouse. Those trying to divide retirement savings, real property, business holdings and investments may have certain priorities that they can effectively achieve by working cooperatively instead of relying on a judge to make all of the key decisions.
Discussing the possibility of a collaborative divorce or settling disputes in divorce mediation can help spouses manage high-asset divorce proceedings. Spouses who take control over the divorce process may be able to better prioritize their privacy and push for terms that truly work for their family.