High Net Worth Couples in Illinois Face Unique Challenges 

 Posted on December 06, 2022 in Main

While divorce is rarely a simple process, for couples who have a high net worth or ultra high net worth, it can be even more complicated. People often feel as though more money should reduce their problems, and yet this is rarely the case - especially if you have a spouse who intends to fight you over every penny. Furthermore, high-net-worth divorce cases often involve couples with at least one spouse who is in the public eye. If you are considering divorce, but are worried about the implications it could have for your reputation, estate, and children, having the help of an Illinois divorce lawyer with experience managing complex divorces with valuable family estates can make all the difference. Here are four potential problems your attorney will help you look out for during your divorce.  

Estimating Property Value

An individual or couple with a high net worth typically has a wide variety of assets. Sometimes these assets can be hard to value because they are rare, complex, or have other part-owners. For example, ownership in a family business may mean not only valuing the business in its entirety, but valuing one spouse’s ownership, plus the portion of that ownership that the other spouse is entitled to in a divorce. 

Hidden Assets

High net-worth individuals tend to be financially savvy. While this is the result of hard work, education, and ambition, it can also sometimes entail a tendency to be less than completely honest - especially if a spouse who is tempted to hide assets feels wronged by their partner. If you are worried that your spouse might hide assets, a good indicator is whether they have ever been financially dishonest in the past. Your attorney can help you determine whether hidden assets are likely and assist you in building the necessary team to find any hidden assets. 

Potential for Public Exposure

Maintaining confidentiality is often a concern during high-net-worth divorces. One or both spouses may be public servants, entertainers, or athletes, making it highly likely that curious outsiders will want private information. Your attorney can help you find the best way to keep your divorce as private as possible, including pursuing alternative dispute resolution methods or non-disclosure agreements. 

Extended Timeframe

Because of the complex nature of high-net-worth divorces, they often take longer than a typical divorce - sometimes far longer. This may necessitate interim measures like temporary child support or spousal support, plus a legal team who is focused on resolving the issues quickly but carefully. 

Contact a DuPage County High Net Worth Divorce Lawyer

Getting a divorce involving a high net worth marital estate requires the help of a Wheaton, IL divorce attorney with specific experience handling high net worth divorces. You can learn more about what the firm of MKFM Law can do for you by calling 630-665-7300. 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000