5 Steps for Individuals Undergoing a High Net Worth Divorce

 Posted on October 02, 2022 in Divorce

Getting divorced is always a difficult process, but it can be even more complicated when there are high levels of wealth involved. If you are going through a high net worth divorce, there are some special considerations you need to take into account in order to protect your interests.

Hire an Experienced Attorney

When either spouse has a high net worth, you need to make sure you have an experienced attorney on your side who knows how to navigate these kinds of cases. The wrong lawyer could end up costing you substantial money, so you need to do your research and find someone who has experience handling cases like yours.

Protect Your Assets and Your Right to an Equitable Share of Marital Property

In a high net worth divorce, there is much at stake in terms of assets and property division. You need to make sure you have a solid plan in place for protecting your assets and ensuring that you get what you are entitled to. This may involve using discovery tools or forensic accounting to uncover hidden assets or offshore accounts. Appraisers and business valuation experts may be needed to assess business interests and other complex financial holdings.

Consider Tax Implications

Another important thing to keep in mind are the tax implications of your divorce. With a high net worth, there can be significant tax consequences depending on how property is divided and how spousal support is structured. Be sure to consult with your tax advisor to understand the potential implications of your divorce before finalizing anything.

Recognize that Child Custody and Child Support Can Be More Complex

If you have children, custody battles can be even more complex in a high net worth divorce. There may be concerns about one parent using their wealth to influence the children or providing them with an excessively lavish lifestyle. These issues must be considered when crafting a parenting plan.

When either parent has an especially high income, Illinois courts may deviate from the typical method for calculating child support. High net worth parents may also need to factor expenses like private school tuition or tutoring into child support arrangements.

Keep Your Emotions in Check

Finally, maintaining a calm, pragmatic approach and keeping your emotions in check during the divorce process is crucial. With so much at stake, it is easy to let emotions get the better of you and make decisions that are not in your best interests. Work with a knowledgeable attorney who can help keep things moving forward in a productive and rational manner.

Divorce is never easy, but it can be especially complicated when high-net-worth spouses are involved. If you are going through a high net worth divorce, contact Palatine divorce attorney Nicholas W. Richardson for help. Call the Law Office of Nicholas W. Richardson, P.C. at 847.873.6741 and set up a free, confidential case assessment today.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k505.htm