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Naperville High Net Worth Divorce Lawyers

Some divorces are more complex than others. Divorces that involve high net worth assets may be at the top of the list of complexity. At Blacha Law Office, LLC, we know how to handle the most challenging divorces because we know the difficulties that come with them. You can trust our experienced Illinois team to offer you the guidance you need regarding any issue of divorce.

Property Division In High Net Worth Divorces

When dealing with a high-asset divorce in Naperville, Illinois, it is crucial to address several key marital property issues to ensure a fair and equitable distribution. Here are some of the most common challenges:

  • Identification of marital vs. nonmarital assets: Properly distinguishing between assets acquired during the marriage and those owned individually prior to the marriage or received as a gift or inheritance.
  • Business valuation: Accurately assessing the value of any business interests owned by either spouse, considering factors such as market position, earnings and future prospects.
  • Real estate holdings: Evaluating and dividing multiple properties, including primary residences, vacation homes and investment properties.
  • Retirement accounts and pensions: Determining the value and division of retirement plans, including 401(k)s, IRAs and pension benefits.
  • Investments: Handling complexities related to various investment portfolios, including stocks, bonds and other securities.
  • Tax considerations: Addressing potential tax implications of asset division, ensuring that financial decisions do not lead to unforeseen tax liabilities.
  • Hidden assets: Discovering and properly accounting for any assets that one party may have concealed during the marriage.
  • Debt responsibility: Allocating responsibility for marital debts, including credit card debt, loans and mortgages.
  • Luxury items and collectibles: Distributing high-value items such as art, jewelry, cars and antiques.
  • Alimony and maintenance: Calculating appropriate spousal support, considering the lifestyle maintained during the marriage and each spouse’s financial circumstances post-divorce.

Navigating these marital property issues effectively is what our attorneys do, and it is vital to achieving a resolution that honors the contributions of both parties and sets a stable financial foundation for our clients futures post-divorce.

Navigating Your Concerns: High Net Worth Divorce FAQs

To help you get the answers you need, we took the time to answer some questions you may already have:

How are alimony payments calculated?

In Illinois, there is a basic formula that courts use to determine alimony. The formula bases alimony on one-third of the payer’s income minus one-quarter of the recipient’s income. Spousal support also cannot be more than 40% of the total income of both spouses.

How to determine equitable division?

Illinois is a state that does not split assets in a 50-50 manner during a divorce. Instead, it uses equitable distribution to split the estate, including retirement accounts, stocks, real estate and other assets. Factors that determine how the assets are divided include: how long the couple was married, any nuptial agreements, child custody and alimony provisions, each spouse’s contributions to the marriage, and claims of financial fraud or dissipation.

How is the value of a house determined in divorce?

Whether you need to get an accurate valuation of a house to sell it or negotiate for it, there are several options you can use. A comparative market analysis (CMA) determines the value by looking at three similar homes in the area that are for sale or were recently sold. Having a licensed appraiser come in to give an appraisal is also another option for getting the home’s value.

What is separate property?

In the asset division of a divorce, the process typically does not look at spouses’ separate property. Unlike shared property or assets gained during the duration of the marriage, separate property refers to the assets that the couple acquired during the course of their marriage.

Can my ex hide assets during a divorce?

Combining assets can be a costly decision in divorce. In fact, nearly one in three adults who solely manage the finances in their marriage admit to lying about money. Despite it being illegal, hidden assets are a serious problem in divorces, especially those with significant assets. Even if you have no reason to suspect there are hidden assets, make sure your attorney is looking for them.

How does a high net worth divorce impact child custody?

Typically, we have seen more factors play into high-asset custody situations. When negotiating for custody, it is important to consider these factors, including work schedules, travel, potential child stability, and extracurriculars like sports and band. We can help ensure that your custody agreement accounts for all the unique details of your divorce.

How do I protect my financial future?

Protecting yourself during a divorce is only a portion of what you need to do to look after your best interests. Before you even file for divorce, you can take steps to protect your finances in the future, including keeping thorough records of your assets and establishing a credit score in your name only. Additionally, keeping your divorce goals flexible can keep you from sacrificing too much for a single goal.

How do gray divorce and high net worth divorce intersect, and what are the key considerations?

Gray divorce and high net worth divorce often intersect due to significant assets accumulated over longer marriages. Key considerations include the division of complex assets such as retirement funds, pensions, real estate and investments. It’s important to assess the long-term financial impacts of the asset split, especially as it pertains to retirement planning. Legal guidance is crucial to navigate the complexities of asset valuation and division to ensure a fair and equitable settlement.

How do I start preparing for divorce?

If you suspect your spouse is going to file for divorce, you are considering filing yourself or you are already dealing with a divorce, contact our experienced and dedicated team. We have offices across the state, and we are ready to help you secure the most favorable results possible in your divorce while looking out for your best interests. Call us at 630-283-1987 or email us here to schedule your initial consultation today.