Barrington High Net Worth Divorce
Couples that have a high net worth often have more complex and contentious divorces. These cases can be taxing for everyone involved because they often involve valuing and dividing sizeable assets, business interests, multiple real estate properties, or stock options. With so much to lose and so much at stake, it is important to have a Barrington divorce attorney on your side who understands the complications involved in high net worth divorces.
At Manassa Law, P.C., our Barrington divorce attorneys have successfully represented high net worth couples throughout Chicago, Barrington, and surrounding communities for years. We know the pitfalls and obstacles in your way, and we work tirelessly to protect your assets and your future at every turn. We can often uncover hidden assets and ensure that all marital property is properly appraised. Our lawyers will then make sure that any agreement minimizes tax liabilities and financial losses. As a high-net-worth client, you can rest assured knowing that we are fighting aggressively for your rights and future throughout the divorce process.
Division of Marital Property in High Net Worth Divorces
The first step in divorce cases is valuing all parties’ assets. This is more difficult in high asset divorces because there are often multiple assets involved. Liquid assets, such as bank accounts, are easier to value. Non-liquid assets, such as real estate holdings and business interests are considerably harder. Even more difficult is the potential for parties to hide assets, sometimes internationally.
The Illinois Marriage and Dissolution of Marriage Act governs the way courts divide property, even in high-net-worth divorces. The courts follow the theory of equitable distribution. This means that all assets, as well as debts, are divided equitably - not equally.
Our high net worth attorneys know how to find assets around the world, so they can be included in the division of marital property. By law, assets obtained during the marriage are typically considered marital property. We can build a case for nonmarital property, such as inheritances or family heirlooms, while still protecting your rights and entitlements. If you have a prenuptial agreement, we can use this when building your case and dividing marital property.
Spousal Maintenance and High Net Worth Divorces
Spousal maintenance, also called spousal support or alimony, is considerably more difficult in high net worth divorces. The typical formula used in most divorces in Illinois only applies to couples who make a combined income of less than $500,000 a year. In high net worth divorces, this formula would not apply. Therefore, it is important to have an experienced Barrington divorce attorney on your side from the start. You will need someone to build your case and ensure that the spousal maintenance is appropriate and fair for your specific case.
High Net Worth Services We Provide
With an office in Barrington, Illinois, the law firm of Manassa Law, P.C., offers high-class legal services in the following areas of family law:
- Division of marital property: Our law firm has experience determining how to accurately characterize assets in a way that stands up to scrutiny in settlement negotiations and trial court proceedings.
- Nonmarital property: Assets accumulated prior to marriage or owned by only one of the spouses prior to the marriage are considered separate or nonmarital property.
- Complex property division: Our Barrington high net worth divorce lawyers work with a number of professional experts to build successful cases for our clients. They include accountants, forensic accountants, actuaries, business valuators, and home appraisers.
- Pension/401(k)/retirement: We have the experience, skills, and resources necessary to resolve complex disputes over pensions, 401(k) accounts, and other retirement assets.
- Business valuation: The presence of a family business or a business owned by one spouse adds a level of complexity to divorce proceedings in Illinois.
- Division of stocks/mutual funds/investment accounts: Protecting our clients' financial interests begins with characterizing their investment accounts and other assets as joint marital property or separate property.
- Debt responsibility: Assigning debt responsibility during divorce can be far more complex than first appears.
- Maintenance/spousal support: We can help you assess whether your situation warrants spousal maintenance and, if so, the amount and duration thereof.
- Modification of maintenance: Our attorneys are available to review your existing spousal maintenance order and advise you about your options for requesting a modification.
- How can I protect my property during a divorce?
High-net worth divorces are complex. There are often multiple properties to divide and separate and this can cause high tension and hostility. Yet, dividing these properties and assets in accordance with Illinois divorce laws does not have to mean the loss of your property. Illinois is an equitable division state. This means that assets and property are equitably distributed. This does not mean it is equally distributed. Our law firm can accurately characterize marital property while separating out any nonmarital property from negotiations. We work quickly to help protect your rights to your property throughout settlement negotiations and trial court proceedings. This ensures that you retain the assets you deserve during the divorce.
Will I lose my Pension or IRA during the divorce?
The division of marital assets during a divorce is a highly contentious area. No one wants to lose valuable property and assets, including retirement funds, IRAs, and pensions. High net worth divorces are particularly complex because there are often multiple retirement accounts to consider. These assets must be divided during the divorce. At Manassa Bojczuk, our divorce attorneys understand how to value retirement assets, while protecting our clients’ futures. Conducting an asset and debt inventory can help us during the settlement negotiations.
How can I protect my investments and stocks during my divorce?
Any investments made during your marriage will need to be split up and divided with your spouse. However, if the value of those stocks is falling or has fallen in recent years, dividing up these assets can be difficult. The value and marketability of the assets, as well as the tax consequences, need to be considered carefully. For these reasons, individuals with investments or stock options should consult with one of our experienced attorneys immediately. We will work with financial experts to value and protect your investments and safeguard your future during your divorce.
What happens to our business during the divorce?
High-net worth divorces are more complicated when there is a business involved. Owning a business during a marriage can be taxing on the relationship. There may have been sacrifices you both made to ensure the success of the business. As such, both spouses may have a claim to make on the business and on its future. Our attorneys know that divorce can significantly impact a business and its profitability. When a portion is shared by an ex-spouse, this can impact business operations as well. We will work to protect your business and find the best way to divide your assets without jeopardizing your business’ future.
How will my divorce affect my taxes?
High-net worth assets often involve complex tax issues. Divorce can complicate those tax issues even more. Benefit plans, business entities, and the division of real estate can all affect taxes and your liabilities. In some cases, liquidating assets and properties could trigger capital gains tax liability. There are sometimes options that can help you limit the impact of these taxes. It is important to work with a high-net-worth divorce attorney who understands those tax implications and who can work to reduce your tax burdens after a divorce.
Contact A Barrington Divorce Lawyer
To schedule a free initial consultation with our family law attorneys, call Manassa Law, P.C., at 866-420-5925, or contact us online. We can answer all your questions about child support, parenting allocation, high net worth divorce, and more. We take pride in our attorney-client relationship and it shows. Call us today to see what we can do for you!
We are proud to serve the communities of Chicago, Barrington, Crystal Lake, Arlington Heights, Palatine, Schaumburg, Elgin, Buffalo Grove, Lakewood, Cook County, Lake County, McHenry County, DuPage County, Kane County, and other surrounding areas throughout Illinois.