Get The Legal Support You Need For Your Chicago High Net Worth Divorce

By the time you are part of a high net worth divorce, you have probably spent a lot of time waiting – waiting for things to get better, if you were hoping to avoid marital dissolution, or for the “right time” to initiate the divorce filing. You already know your divorce may be more complex than that of a family with a smaller net worth.

At Blacha Law Office, Ltd., our attorneys offer 24/7 availability and same-day responsiveness to our family law clients. We know that once divorce is on the table, circumstances can change fast. You may not have time to wait for your lawyer to get back to you to make life-altering decisions about parenting or assets. We have handled numerous high-asset divorce cases in Illinois, so we know what to expect and can help you create a plan for the next chapter of your life. Our Chicago divorce attorneys have more than 100 years of combined legal experience and have been recognized by Super Lawyers, Lawyers of Distinction and Avvo.

You can request a free initial consultation today by calling 630-283-1987 or using our online message system. 

Why Choose Blacha Law Office, Ltd., For Your High Net Worth Divorce In Chicago?

Our award-winning firm’s attorneys are selected to Super Lawyers, Lawyers of Distinction and Avvo. With over 100-plus years of combined experience, our trial-ready divorce attorneys will use their extensive knowledge of Illinois family law statutes to craft personalized solutions that align with your unique needs and goals.

• Our skilled legal team is accessible in three different office locations: Naperville, Joliet and Chicago.
• Our firm is available 24/7 for any client who needs caring legal guidance for their high net worth divorce cases.
• We offer same-day responses and free initial consultations, which we can conduct virtually or in-person.

Aside from helping families navigate their complex divorce and family law issues, we also provide attentive legal counsel and representation in adoption, probate, juvenile law and DCFS defense cases.

Key Aspects Of A High Net Worth Divorce In Chicago

Chicago high net worth divorces have more moving parts than a typical Illinois divorce. Although not exhaustive, a list of the most important differences includes:

• Asset identification and valuation: High net worth couples often have more assets and a greater diversity of items. It’s essential to find hidden assets, quantify the value of businesses or professional practices, and determine the worth of investments.
• Property division: This can include property such as commercial real estate, stocks and bonds, trusts, jewelry, and art collections.
• Spousal maintenance and child support: While Illinois uses standard statutory formulas to determine post-divorce support orders, these may not apply if a couple’s combined income exceeds $500,000, leaving more discretion to the courts.
• Expert involvement: In some households, the joint assets held by the couple may require specialized appraisal to determine a fair value. Forensic accountants, business valuation experts and real estate appraisers may be engaged to ensure accurate valuation of marital estates.
• Confidentiality: As with all litigated Illinois divorces, what happens in court is typically a matter of public record. For divorce cases that involve large sums or high-profile individuals, this may lead to media coverage and diminish your privacy.

Our firm’s founder, attorney Monika Blacha, has guided high net worth clients in Chicago through divorces since 1999. She is a certified divorce mediator and can represent you in a negotiated settlement or a litigated divorce.

Commonly Divided Assets In A Chicago High Asset Divorce

In Illinois, joint marital property is any valuable asset acquired between the date the spouses married and the date the court enters a final judgment of divorce. Illinois, an equitable distribution state, requires a fair, not necessarily equal, division of marital property. Some assets that are divided in high net worth divorces include:

• Executive compensation, which can include deferred compensation packages, stock options or restricted stock units (RSUs)
• Business assets such as closely held corporations, professional practices or partnerships
• Real estate that includes primary homes, vacation residences and commercial properties
• Retirement assets such as IRAs, pension plans and large 401(k) accounts

These assets provide opportunities to negotiate custom agreements that provide a fair distribution of property and allow both parties to have the resources they need to start again after the marriage ends.

How Is A Business Valued During A Chicago Divorce?

Evaluating the worth of your business during a divorce in Chicago can sound intimidating, but it does not necessarily lead to liquidation or handing your successful company over to your ex. The value that the business accumulated during your marriage is a joint asset and must be appraised like any other asset.

Illinois courts typically consider three methods: the income, market and asset-based approaches. The income approach looks at cash flow, revenue and expenses and projects future income to determine value. The market approach looks at the value of the business relative to comparable businesses – similar to how residential houses are appraised relative to other homes on the market.

Our attorneys have established relationships with reputable Chicago forensic accountants to determine the value of your business. These professionals can determine your personal contributions to the business that are inseparable from the enterprise (personal goodwill value), as well as the aspects of the value that are attributable to factors like brand, location and service menu (enterprise goodwill value). Notably, any value attributed to “personal goodwill” is often excluded from the marital estate.

As with other assets, business valuation can be a tool to negotiate fair and reasonable property distribution after divorce. Your spouse, if not intimately involved in your business, may be persuaded to trade business equity for a greater share of a retirement account, for example.

What Happens If I Suspect My Spouse Is Hiding Assets?

Beyond the emotional devastation when discovering a spouse has been deceitful about reporting assets in a divorce, hidden assets can steal financial stability from the innocent party. In Illinois, both parties in a divorce are required to provide “full and fair disclosure” of all sources of income and all assets, including separate and jointly owned property.

If you suspect your ex is hiding assets to keep them out of the divorce, our legal staff can help you seek accountability. We engage in a rigorous discovery process in litigated divorces, employing forensic accountants and other experts to track and document all assets subject to division. If your spouse is found to have hidden assets, they may face:

• Having the court award you a disproportionately larger share of the marital estate or require them to pay your legal fees
• Receiving a much smaller share of the shared assets than if they had been honest
• Contempt of court or perjury charges, which can lead to steep fines or jail time

Our attorneys are dedicated to ensuring you receive a fair and just recovery of assets in a divorce.

Responsive, Experienced Counsel For Critical Divorce Decisions

You have a lot at stake during a Chicago high net worth divorce. Let our attorney team represent the best interests of you and your children. Call our office in Chicago at 630-283-1987 to set up your free initial appointment, or you can use our online contact form.