Let Our Experienced Illinois Divorce Attorneys Protect Your Best Interests
Each couple is unique, and therefore each divorce case is very different. That being said, couples who are considered to be high net worth individuals tend to face a number of specific issues when separating. Unfortunately, there are a myriad of common mistakes that are often made that can jeopardize an individual’s best interests when divorcing from their spouse. At the law offices of Fay, Farrow & Associates, P.C. our lawyers are committed to helping you navigate your high net worth divorce. Consider these unique issues and common mistakes that individuals often make when dissolving a marriage–
Unique Issues in High Net Worth Divorce Cases
All divorce cases have the potential to be contentious and emotional, but couples who are involved in a high net worth divorce may face additional complications, too. Some of these complications and unique issues include:
- Hidden assets. Individuals may try to hide assets, such as keeping assets in an offshore account, in order to reduce the supposed amount of marital property that is subject for division or the amount of spousal support they are liable for.
- Business implications. Many high asset individuals are such as a result of owning a business. In a divorce, how the business will be managed can be extremely complicated.
- Investments and stock options. Another way that many individuals find themselves to be of high net worth is through smart investing. If a couple has numerous investments and stock options, this can complicate the process if dividing property.
- Child support and spousal maintenance. Child support is based on the income of both parents; spousal maintenance is based on a number of things, including the assets of each party. For high net worth individuals, this can mean that child support and spousal maintenance payments are in the thousands–and tens of thousands–of dollars monthly.
- Tax liabilities. Finally, another issue is that of tax liabilities, as a property division settlement, alimony, and child support payments can all have a significant effect on a person’s taxes.
Common Mistakes During a High Net Worth Divorce
If you are getting a divorce, you may want to just get the process over as soon as possible, agreeing to settle to any offer in order to do exactly that. But this isn’t always smart and can jeopardize your best interests. In addition to accepting any divorce settlement offer, other common errors include:
- Trying to hide assets;
- Failing to think about future investments, tax consequences, and other non-immediate financial ramifications;
- Failing to investigate your spouse’s assets; and
- Failing to hire an attorney experienced in high net worth divorce cases.
Fortunately, all of these mistakes are avoidable. Hire a skilled lawyer to protect yourself.
Contact the Offices of Fay, Farrow & Associates, P.C. Today for Your Consultation
Don’t make the mistake of trying to represent yourself during a high net worth divorce case. Instead, call our lawyers servicing Naperville, Wheaton, Downers Grove, and other areas of Illinois today for legal advice you can count on. We are reachable by phone today, or you can send us a message at your convenience.