High net-worth couples who are going through a divorce face special issues that require extra planning and attention. Because of the complicated nature of the assets, care must be taken to divide the property in a way that does not destroy the value of such assets. Often, couples also hope to keep the details of the divorce as private as possible for personal, safety, and business reasons.
Illinois law presumes that any asset acquired after the date of the marriage is a marital asset, subject to a few exceptions. The law requires a judge to decide what is a marital asset and to then divide those assets equitably. While, there are certain legal factors a judge must consider when dividing assets, without proper preparation and representation you risk having your assets undervalued or split in such a way as to diminish their value.
Divorce planning, asset valuation, and vigorous representation can help protect your assets and preserve them for the future.
Almost everything that happens in court during a divorce is a matter of public record. While no one likes to have his or her personal life opened to the public, issues of privacy are often of special concern in a high-net worth divorce.
There are several tools that a dedicated divorce lawyer can use to help keep as many details of the divorce out of the public record as possible. If you and your spouse are able to use a collaborative divorce process, all of the details from custody to the division of assets can be worked out in private. Nasty and contentious hearings can be avoided.
Another tool that can help couples resolve their disagreements with a high degree of privacy is mediation. With the help of a neutral mediator, you, your spouse, and your lawyers can work out an agreement. This can limit your exposure from having to testify in court and to having every fight and secret exposed in the court records.
With proper planning, the same tools that help protect your privacy can also be used to give you more control over how the marital assets are divided. When you and your spouse come to a settlement, you will both be happier with the outcome and the judge will not impose a solution that could be damaging to your assets and reputation.
Speaking with a Skilled Divorce Lawyer
If you have questions about your assets in a divorce, you need to speak with a skilled and knowledgeable DuPage County divorce attorney right away. Call Sullivan Taylor, Gumina & Palmer, P.C. today at 630-665-7676 to schedule a consultation.