What Are Common Mistakes Made During an Illinois High Asset Divorce?

 Posted on October 16, 2019 in Divorce

When celebrities go through a divorce, everyone talks about the settlements. These high asset divorces are interesting because of the extraordinary dollar amounts in the millions and billions. For example, Jeff Bezos, the CEO of Amazon, gave up a quarter of his shares in the company to his ex-wife, and he is still the most wealthy man in America. Celebrity divorces are in the news a lot, but it does not take a famous person to have a high asset divorce.

Division of Marital Assets

In traditional gender roles, a man may have taken control of the finances. However, in modern times, there are more households with dual incomes where spouses share equal financial responsibility. Financial matters between a couple can be a breaking point in a marriage. Money is a major stressor in a relationship and is one of the leading reasons people choose to get a divorce. Studies show that the larger the difference between a couple’s credit scores, the more likely their marriage will end in divorce within five years. 

With more money coming into a marriage, there are more assets to split during a divorce. No matter how much money either party makes, Illinois law states that assets should be split using equitable distribution. This means that all assets are divided fairly, but not necessarily equally. Factors such as the length of the marriage, the standard of living, and the health of the individuals will be considered. Because there is a lot at stake, here are some common mistakes to avoid during a high asset divorce:

• Doing it alone: Having legal counsel is recommended for any divorce, but it is essential for a high net worth divorce. Not only are your own personal assets at risk, but separating these assets from property acquired during the marriage can be a complex matter. An attorney will know exactly what to ask for, including how to address issues such as real estate, retirement accounts, and business interests, thus allowing you to get the best settlement possible. 

• Hiding assets: If an individual has a significant amount of money, he or she may have the resources to hide it, such as by using a foreign bank account. When determining how assets will be divided during a divorce, everything earned or acquired by either spouse during the marriage must be included. This includes any funds, property, or valuables the other spouse does not know about. Providing misleading information about one's finances during divorce or attempting to hide assets could result in the loss of credibility during divorce proceedings, and a person may be required to reimburse their spouse for marital assets that were concealed.

Contact a Palatine High Net Worth Divorce Lawyer

A divorce can be a complicated process, regardless of the circumstances. When spouses have a high net worth, hiring an attorney is the only way to ensure a fair split. If you are considering filing for divorce, it is important to seek professional legal advice so you can receive what is rightfully yours. Contact an experienced Schaumburg divorce attorney at A. Traub & Associates to discuss your options during a high asset divorce. Call our office today at 630-426-0196 to schedule an initial consultation.

Sources:

https://www.cnbc.com/2018/10/10/being-rich-may-increase-your-odds-of-divorce.html

https://www.businessinsider.com/jeff-bezos-mackenzie-bezos-divorce-finalized-2019-4