Wheaton High Net Worth Divorce Attorneys

Lawyers for High Net Worth Divorce Serving Glen Ellyn, Winfield, and Carol Stream

Divorces involving high-net-worth couples often involve special problems and challenges, particularly in matters related to property division. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our attorneys have extensive experience handling high-income and high-asset divorces. We are skilled in working to address complex property division issues, while also helping our clients take steps to protect their assets and uncover hidden assets. As experienced negotiators and litigators, we have the ability to effectively advocate for our clients' interests in and out of the courtroom.

Complex Issues in High Net Worth Divorce Cases

In Illinois, which is an equitable distribution state, marital property does not have to be divided equally, but it should be allocated between spouses in a manner that is fair while considering the circumstances of both parties. High-net-worth estates typically involve complex financial circumstances. Dividing these estates in a divorce requires a proper valuation of the estate, and different assets must be characterized as marital or non-marital property. Our attorneys are skilled in valuing and characterizing marital estates. When necessary, we work with experts trained in the areas of appraising and accounting to ensure that our clients' interests are protected.

At Mirabella, Kincaid, Frederick & Mirabella, LLC, we counsel and represent clients in all matters pertaining to high net worth divorce, including:

• Business valuations - For spouses who are business owners or who have investments in companies, it is important to understand the value of these assets. A valuation may look at a business's assets and liabilities, its past earnings and projected revenue, its potential for future growth, and its potential purchase price if sold. This can ensure that business assets can be divided correctly. Depending on the value of a business, each spouse's level of involvement in a company, and other factors, one spouse may continue to own the business after buying out the other's share, or a business may be sold during the divorce process. In some cases, spouses may choose to continue co-owning a business and working together as partners after getting divorced.
• Real estate valuations - A couple's family home and any other properties they own, such as vacation homes or income-generating rental properties, will need to be appraised to ensure that these assets can be divided correctly. If one spouse wishes to continue owning property, they will need to buy out the other spouse's share of the equity. In some cases, it may be necessary to sell a house or other property during a divorce.
• High-value asset appraisals - Other valuable property, such as artwork, collectibles, or jewelry may need to be evaluated to ensure that both spouses understand the value of these assets.
• Asset protection - A spouse may need to take steps to protect against financial losses and ensure that the assets they own will be preserved for themselves, their children, or other family members in the future. Our attorneys can help our clients understand the best methods of protecting and preserving the assets they own.
• Uncovering hidden assets and undisclosed asset transfers - If a spouse has attempted to conceal assets in order to avoid dividing them during their divorce, or if they have transferred money or property to other parties in an attempt to circumvent the asset division process, our lawyers can bring these issues to the court's attention and ensure that all marital property can be divided correctly.
• Enforcing and challenging prenuptial and postnuptial agreements - Legal agreements made between spouses can play a significant role in determining how property will be divided or whether spousal maintenance will be paid by one spouse to the other. We can review prenups and postnups to ensure that their terms will be enforced correctly during a divorce, and if necessary, we can challenge an agreement that is unconscionable, was signed under duress, or is legally invalid for other reasons.
• Managing tax considerations - Spouses will need to understand how the decisions made during their divorce will affect the taxes they may be required to pay. We can provide guidance on issues related to filing status, credits and exemptions, and capital gains taxes that may apply when assets are sold or transferred.

Dealing with challenging property division issues in high net worth divorce cases is best handled amicably. Settling these matters outside of court allows spouses to maintain greater control over their divorce and saves both time and expense. We understand, however, that in some cases, difficult property division matters cannot be resolved through negotiation. Where necessary, we have the skills and experience to effectively and aggressively represent our clients' interests in court.

Contact Our DuPage County High Asset Divorce Lawyers

For more information about how we can assist you with a high net worth divorce, contact our experienced divorce attorneys at 630-665-7300. From our office in Wheaton, Illinois, we serve clients throughout the Chicagoland area, including DuPage, Kendall, and Will Counties.