High net worth divorces are often more complex because of the uniqueness, number, and value of assets involved and how this factors into property division, spousal maintenance, child custody and support. It is vitally important to work with an experienced complex divorce lawyer who possesses the knowledge, skill, and specialized resources to represent your interests in a high net worth divorce.
Property Division in a High Net Worth Divorce
A high net worth divorce may present with a multitude of assets ranging from real estate to intellectual property. Various stocks and other investments, retirement funds, rare collectibles, art, airplanes, precious metals, crypto currency, and overseas assets are often part of a high net worth portfolio – all of which must be valued in order to divide them between parties in a divorce.
The process of evaluating the various assets associated with a high net worth divorce require financial expertise to ensure an equitable division of marital property. Figuring out the value of assets and the best way to divide them in a divorce sometimes requires the assistance of financial experts such as a forensic accountant, financial analysts, and tax specialists. An experienced complex divorce attorney typically has a network of the best and brightest experts he or she can call on to ensure assets are valued correctly and tax implications are fully weighed so that the division of marital property is handled fairly.
Spousal Maintenance (Alimony) in a High Net Worth Divorce
Although spousal maintenance is not always a given in an Illinois divorce, high net worth spouses may be awarded spousal support to maintain the lifestyle they have grown accustomed to. Other factors the court may consider when awarding spousal maintenance may include the length of the marriage, the age and health of both parties, the earning capacity of both parties, the division of property between parties, and each party’s contribution to the other party which might include non-monetary contributions The court will also consider prenuptial and post nuptial agreements entered into by the parties and whether an agreement stands up to legal scrutiny. Depending on the circumstances, spousal maintenance may be awarded temporarily until a lesser earning spouse gains financial independence, or permanently which is often the case in marriages of longer duration.
Child Custody and Support in a High Net Worth Divorce
Certainly children of high net worth households often enjoy a higher standard of living, to include nannies, private schools, tutors, travel, extracurricular activities, and more. In a high net worth divorce, courts will strive to maintain the status quo, allowing a child to remain at or near the lifestyle they are accustomed to after the divorce. Because there are typically a number of expenses that go beyond standard child support – more so for families who enjoy abundant financial resources – high asset divorces often require a deeper dive into child support to ensure divorced parents share the cost of a child’s upbringing. Child custody arrangements may require a more detailed parenting plan to coordinate various aspects of parenting time and parental responsibility.
Preserving the Privacy of High Net Worth Clients
In a divorce, concerns about safeguarding privacy run high among high net worth clients, who may also be prominent figures in the community. Likewise, a divorce client may wish to protect private information from being used against them in their case. To that end, many high net worth clients will enter into confidentiality agreements with various individuals privy to their private information. They may also hire a public relations or media management team to manage public perception of their divorce. It is important to discuss your privacy concerns with an experienced complex divorce lawyer.
Skilled Negotiations in High Net Worth Divorce
With valuable assets on the line, high net divorce proceedings are often more contentious. Divorces that start of amicably may not stay that way when parties do not see eye to eye on issues such as property division, child custody and support, or spousal maintenance. The best advice is to hire an experienced complex divorce lawyer and skilled negotiator to represent your interests in a high net worth divorce. Finding an attorney with a track record of success negotiating favorable settlements in a high net worth divorce, who can also litigate your case in the courtroom when necessary, is the key to a favorable outcome in your divorce.
Contact an Experience Complex Divorce Lawyer for Help
In a high net worth divorce, complexity goes with the territory. Seek the help of an experienced complex divorce attorney who can provide expert advice and legal strategy to achieve your goals in a divorce. Contact Libertyville divorce lawyer Ronald L Bell & Associates for immediate assistance today.