Chicago High Net Worth Divorce Lawyer
You may dream of being rich and famous, but it’s a lot easier to divorce when you and your spouse don’t have a lot of assets. If you’re rich, splitting everything is a lot harder. That’s because there are likely a lot more assets to deal with, as well as complicated ones.
When assets cross into the millions of dollars, it becomes a high net worth divorce. You’ll need to restructure these assets to ensure they are split fairly between the two spouses. This requires valuations from experts, making this a long and costly process.
A DIY divorce is not a good idea in this case. Get expert advice from a Chicago high net worth divorce lawyer from Birnbaum Gelfman Sharma & Arnoux, LLC. We’ll guide you through the complex processes involved in a high net worth divorce so you can split your assets and debts with ease.
Equitable Distribution in Illinois
Illinois is an equitable distribution state, which means that assets are divided fairly, but not necessarily 50/50. The court is allowed to consider particular circumstances, such as:
- Each spouse’s income
- Length of marriage
- Age and health of the spouses
- Contributions made by each spouse to the marriage
- Tax obligations of each spouse
While the courts cannot punish one spouse for causing the marriage to end (such as infidelity), the courts are allowed to consider dissipation when dividing assets. Dissipation refers to money spent after the marriage broke down for non-marital purposes. An example is spending money on gifts for a “significant other.” “Revenge shopping” is another example. If the court finds that dissipation occurred, it could order the spouse to reimburse the other.
What Makes a High Net Worth Divorce Unique?
Every marriage is different, which means no two divorces are the same. High net worth divorces may involve real estate, businesses, stocks, bonds, pensions, retirement plans, inheritances, family heirlooms, and multiple vehicles. All these assets come with taxation issues, so while you may think you’re getting the better end of the deal, wait until it’s time to pay taxes.
Because of this, your lawyer will need to hire experts to help you properly value all these assets. In order to split these assets equitably, you’ll need to know the proper value. On top of this, alimony and child support payments need to be taken into consideration. These payments are likely to be significantly higher than for couples without a high net worth.
Contact Birnbaum Gelfman Sharma & Arnoux, LLC Today
High net worth divorces can be complicated. There are often many elements involved and splitting all the assets fairly is never an easy task.
These divorces have various tax laws that apply, and experts are often needed. Get the help you need by contacting the team at Birnbaum Gelfman Sharma & Arnoux, LLC. There’s a lot at stake, so let us help you with equitable distribution. Schedule a consultation with a Chicago high net worth divorce lawyer today by calling (312) 863-2800 or filling out the online form.