Question By: Divorce is one of the most stressful life situations you will ever deal with. The decision to end your marriage is a big one and it can be even more difficult when you have many assets. Some people associate high-net-worth divorce attorneys with celebrities and billionaires. However, they are certainly not the only ones to benefit from these unique services. If you own a business, property, homes, and other assets and have multiple investments and bank accounts, you may be in need of a high-net-worth divorce attorney in Illinois. A high-net-worth attorney understands the complexities of divorce between spouses who have big incomes and a large number of assets. Traditionally, the term “high-net-worth” applies to a divorce in which the couple has assets in excess of a million dollars. In reality, couples involved in high net worth divorces may have assets that total into the tens of millions or more. These divorces are unique because of the many assets as well as the high dollar amount of couples. Couples with a high net worth have much more to lose in a contentious divorce. Therefore, it is in your best interest to seek legal guidance from a skilled high net-worth-divorce attorney to make sure that you have a fair division of your marital property.
There are a few factors to bear in mind when it comes to a high net worth divorce
1. The Importance of Financial Documentation
You should start acquiring originals or copies of financial documents as soon as possible. Financials can be of the highest importance in high-net-worth divorces, especially regarding the equitable distribution of marital assets and property. You cannot get a fair share if you can't verify that a specific item exists or that it should be designated as marital property.
2. You'll Possibly Need to Hire an Appraiser
Many high-net-worth divorces entail substantial property that needs specialized assessments. For example, if you own high-value art of any kind, you should employ an appraiser who specializes in that form of art and can provide a current fair market value appraisal. Even if you had an assessment done a few years ago, the market can change dramatically, making it critical to have an accurate evaluation.
3. Forensic Accountants Can resolve concealed Asset Issues
A forensic accountant will likely be a crucial element of your divorce team if there are any issues about one party trying to hide or conceal assets in a high-net-worth divorce or if one of the spouses does not have access to financial documents.
Visit https://bruninglaw.com/why-it-pays-to-retain-a-high-net-worth-attorney-in-illinois/ to contact our legal team at Bruning & Associates at (815) 455-3000.
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