Chicago High Net Worth Divorce for Professionals Lawyer
As a professional, you’ve probably spent a lot of time and money enhancing your career. If your marriage is ending, expect to spend a lot of time and money on a divorce as well.
Any time there are significant assets involved, there’s going to be added stress. Emotions are running high. Both parties want their fair share (and then some). It’s highly unlikely that both of you will be happy with the outcome. You both might be disappointed, as there may be concerns about the assets and their valuations.
If you’re a professional with significant assets, a divorce requires a lot of planning. You need a sound strategy. Contact a Chicago high net worth divorce for professionals lawyer from Birnbaum Gelfman Sharma & Arnoux, LLC to get the advice you need.
In a high asset divorce, your assets may include:
- A marital home worth millions of dollars.
- Rental properties or land
- Vehicles including cars, motorcycles, and boats
- Bank accounts
- Stock or brokerage accounts
- Pensions and retirement plans
- Life insurance policies
- Intellectual property
- Investment opportunities
You need to be actively involved in your divorce. Find out what’s important to you. What are your priorities? What should you litigate on? What things aren’t worth your time?
Every divorce case requires you to plan, budget, and strategize. The best lawyer will analyze the facts, help you understand the law, and work with you to build reasonable expectations. A lawyer who tells you that you will get everything you want in a divorce isn’t being honest with you. Don’t believe it. A high asset divorce is very complicated.
Avoid These Issues
Here are some things to avoid in a high asset divorce:
- Going straight to court. Litigation is costly and stressful. It’s best if you and your spouse can try mediation first and negotiate on at least some of the issues.
- Hiding assets. During the discovery process, you and your spouse need to disclose all assets and debts. If you try to hide an asset, you could face serious legal consequences.
- Forgetting about taxes. Whether you sell the marital home or take money out of an IRA, there will be taxes involved. Depending on the assets involved, you could be looking at five- or even six-figure tax bills. So make sure to take this into consideration when dividing property.
- Assuming inheritances. Don’t make decisions based on the assumption that you or your spouse may receive an inheritance. Nothing is certain in life. You never know until the person dies, and what if you die before your parents? Don’t assume anything.
Contact Birnbaum Gelfman Sharma & Arnoux, LLC Today
As a professional, you’ve likely amassed a large sum of money. Be prepared to lose a good portion of it in a divorce.
At Birnbaum Gelfman Sharma & Arnoux, LLC, we’ll help you get the best outcome possible. We’ll give you the right advice so you avoid common mistakes. To schedule a consultation with a Chicago high net worth divorce for professionals lawyer, call (312) 863-2800 or fill out the online form.