Divorce is a difficult thing to experience. Not only is there the emotional toll it takes, but the legal side of it can also be messy and confusing. Hiring a Bolingbrook high-asset divorce lawyer can help ease your mind and your burdens as you navigate the tricky world of divorce proceedings. Not only will they help you protect your assets, but they will come alongside you during this difficult time with compassion and wisdom.
A high-asset divorce is defined by the presence of large sums of wealth and assets that require evaluation and careful distribution. There is no specified threshold that signifies a high-asset divorce, but they usually involve one or more spouses having a substantial net worth. This can include extensive real estate holdings, business ownership, valuables, investment portfolios, intellectual property, retirement accounts, and pensions.
High-asset divorce, like most divorce processes, is emotionally complex, but there is the added layer of risk of losing valuable assets that contribute to your current way of life. Having an experienced high-asset lawyer on your side can help protect you, your way of life, and the valuables that are rightfully yours from being swept up in the complexity of divorce proceedings.
Commonly known as a “prenup,” a prenuptial agreement is a legally binding document signed by both members of a couple prior to marriage. Prenups specify how asset dispersal, spousal support, and debts will be handled in the event of divorce or death. This can be a valuable tool in high-asset divorce cases and can cut down on some of the confusion related to the need for alimony and the distribution of assets.
When it comes to the divorce process, there are three categories into which assets get sorted:
Separate property: Illinois law states that separate property is anything held separately from marital property. Usually, this kind of property is excluded from the property division process in high-asset cases. Examples of separate property are anything acquired before marriage, any property gained during the marriage that falls under the above-excluded categories, and any increase in value or income gained from a separate asset.
Having a substantial number of separate properties is common in high-asset divorces, and it is important to protect those assets from the property distribution process. Vahey Law and Mediation, LLC can help you maintain rightful ownership of your separate property.Commingled property: Commingled property refers to assets that were initially classified as separate property but have been mixed with marital property to the extent that they may be subject to division in a divorce. When separate and marital assets are combined in a way that makes it difficult to trace their original source, a court may determine that the asset has become marital property.
For example, if each spouse had individual bank accounts before marriage (separate property) but later combined funds into a joint account and used it for shared expenses, that account may be considered marital property.
Similarly, if one spouse uses marital funds to improve or contribute to a separately owned asset, such as renovating a home that belonged to one spouse before marriage, the increased value may be subject to division. Courts assess whether the commingling was significant enough to transform the separate asset into marital property.Property division can complicate the divorce process. Assets such as shared businesses or vacation homes add to this complexity. Our Bolingbrook High Asset Divorce Lawyer are prepared to help you navigate the difficult elements of the divorce process. Protecting your assets is a key part of this process, and it pays to have an experienced high asset divorce attorney on your side.
A: In the state of Illinois, a high-net divorce is defined as a divorce where at least one spouse has a substantial amount of wealth. There is no established threshold for what constitutes a high-net divorce, so courts evaluate the complexity of the asset division and the presence of significant asset holdings for each individual case.
A: Maintenance payments, also known as alimony, are based on one’s ability to earn and financial need, as well as varied additional factors. The calculation of maintenance payments follows Illinois statutory guidelines. The length of your marriage will play a part in the process of determining whether or not alimony payments are applicable to your divorce situation.
A: The state of Illinois doesn’t require a 50/50 split of property during the divorce process. As is the case with determining the applicability of maintenance payments, income disparity and length of marriage play a role in delegating the percentage of ownership. Previous marriages, health, and age may also be considered factors in the process. If you or your spouse have signed a prenuptial, that will also be a key contributor to deciding who gets what and how much of it.
A: While there is not a set law enforcing this, it is common in Bolingbrook, Illinois that spouses are entitled to half of the business if it is considered marital property (property acquired since the marriage began). The court determines what constitutes equitable distributions and will consider each spouse’s contribution to the business. This means that, while it is not certain, it is possible your spouse will be entitled to a percentage of the business.
If you’re facing a high asset divorce, Vahey Law & Mediation, LLC, can help you better prepare for the unique challenges you’ll be facing in the divorce process. Contact our office today to learn how our family law attorneys can protect you and your assets and reach a favorable settlement.
