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What Is Considered a High-Asset Divorce? 

 Posted on September 15, 2023 in Divorce

Mt. Prospect, IL divorce lawyerA high-asset divorce involves a couple who owns property with significant value that must be separated in a divorce. There is not a set net worth a couple must have to qualify for a high asset divorce, but it generally involves couples with a net worth of a million dollars or more. Since all divorce calls for a division of assets, there are several things you need to consider to protect your financial interests when the stakes are this high. Luckily, the work of a skilled divorce lawyer can help. 

What Has to Be Divided in a High-Asset Divorce?

Regardless of the type of asset a couple or individual owns, as long as it is a marital asset and not an individually owned asset, its value must be divided in a divorce. These assets include: 

  • Real estate
  • Liquid assets like cash savings
  • A variety of investments
  • Business ownership
  • Collectibles 
  • Intellectual property

Couples can be creative and come up with their own asset division arrangement that allows each partner to keep the fair portion of their shared net worth in a way that makes sense for them. If a couple cannot decide for themselves, a Judge will have to get involved. 

Why Is Valuing Your Assets So Important in a High Asset Divorce?

The Illinois Court system requires equitable distribution of marital property. This is not the same thing as equal division; instead, equitable distribution takes into account each spouse’s contributions to the marriage, as well as each spouse’s needs. This makes it especially important to accurately value your assets so you can create a fair division. 

You may benefit from hiring specialists who can assess the value of assets independently from the specialists your partner hires, especially if you may need to argue before a Judge that your spouse’s valuation is incorrect. 

What if My Spouse Is Trying to Hide Assets in My High Asset Divorce?

In a divorce, spouses may try to keep more assets than what they are entitled to. They may utilize trusts, accounts overseas, or transfer assets to trusted family members or friends. A lawyer can assist you in obtaining a Court order to have your spouse provide evidence regarding their assets or answer specific questions about them. If you and your lawyer can identify which financial institutions might be keeping your spouse's concealed assets, they can be forced to provide documents of a spouse's account.

Contact a Mt. Prospect, IL Divorce Attorney

A knowledgeable divorce attorney can provide the right guidance and support for your needs throughout your divorce. At The Law Office of Nicholas W. Richardson, P.C., our Rolling Meadows, IL divorce attorney can help reduce the emotional strain and tiring nature of a high asset divorce with thorough careful preparation and aggressive representation. Please contact us at 847.873.6741 for a free consultation.

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