3 Tips for a High Asset Divorce in Illinois

 Posted on February 12, 2024 in Asset Division

When a couple gets a divorce, they need to work out all the many ways that their separation will affect their lives. Typical married couples might have things like a shared bank account, home, car, retirement funds, and other assets that they will need to be divided among the spouses. If a couple has considerable wealth, theirs might be what is considered a high-asset divorce. The larger scope of assets being divided can make the entire process more complicated.

While there is no clear definition for the term high-asset divorce, it is commonly agreed that a couple whose assets are valued at a million dollars or more would fit the bill. Sometimes, this happens when one spouse comes from a wealthy background and has a demanding and lucrative career, and the other spouse does not work but instead maintains their household. Other times, both spouses work and earn money and contribute financial assets to the marriage. Either way, thoughts about how divorce can affect your standard of life can be quite stressful.

If you are considering divorce and are worried about how your assets will be divided, an experienced Wheaton, IL, high-asset divorce lawyer can review your case and offer helpful guidance.

Tip 1: Inventory Your Assets

You cannot figure out what you think would be a fair division of assets in your divorce if you do not have a reliable understanding of what your marital assets are. You need to make a thorough list of any bank accounts, properties, cars, boats, retirement funds, investment accounts, businesses, mortgages, and other assets like art, jewelry, and antiques registered in either of your names. Any of the above that was acquired before the couple was married will generally be considered non-marital property and will not need to be divided in a divorce, but anything that was acquired during the marriage will be included in the division of assets.

Tip 2: Understand That Some Assets Might Cost You Money

A somewhat easy way to divide marital assets is to figure out the total of how much everything is worth and split all the assets so that each spouse ends up with a fair value. However, some assets might cost you money, so the bottom line of how much the assets are worth is not the only factor you should be thinking about. If you end up with the family home, you will be responsible for related costs like home insurance, home maintenance and repairs, neighborhood/tenants’ board, utilities, and anything left on a mortgage. If you end up with a boat, you will need to cover the costs of boat maintenance, insurance, and a boat slip. The related costs of assets should be taken into consideration when deciding what division of assets would suit you.

Tip 3: Hire a Dedicated Lawyer

Having knowledgeable and experienced legal representation can be essential in a high-asset divorce. A compassionate attorney can offer invaluable guidance about issues you may not have considered, including asset evaluation, hidden assets, and more. You cannot put a price on how much you benefit from reliable legal representation.

Schedule a Free Consultation with a DuPage County, IL High Asset Divorce Attorney

If you and your spouse seem headed toward divorce, let a knowledgeable Wheaton, IL divorce lawyer can represent your best interests in advocating for a fair division of your considerable assets. Call Goostree Law Group at 630-364-4046 so we can review your case and plan how best to fight for your rights.