Aurora High Asset Divorce Lawyer

Aurora High Asset Divorce Attorney

Every divorce is stressful, but a number of high-value assets can complicate the process even more. In a high asset divorce, both parties are looking for a fair division of assets. Hiring an Aurora high asset divorce lawyer can ensure you don’t lose assets you are entitled to.

Experienced High Asset Divorce Attorney

David N. Schaffer of Schaffer Family Law Ltd. has 38 years of experience handling high asset divorces. He uses a methodical, analytical approach to his cases, and he can work to ensure you are equitably compensated in your high asset divorce.

What Is a High Asset Divorce?

High asset divorces are defined by the high value of the assets involved. High asset divorces can be incredibly complex. They often involve businesses owned by one or both of the spouses, real estate properties, extensive investment portfolios, and large retirement accounts. Until recent years, high asset divorce referred to divorces with marital assets valued over $1 million. However, today it typically means a divorce involving millions of dollars in assets.

One reason high asset divorce cases tend to be more complicated is due to the valuation and division process. This often requires outside professionals, such as appraisers and forensic accountants, to accurately determine equitable division. Filing for divorce costs just $364 to $454 at the Kane County 16th Judicial Circuit Court, but the cost of legal and other professional services can be particularly high for high asset couples.

A study by Duke University showed that high-net-worth couples are less likely to divorce. Divorce risk peaks at a net worth of about $20,000 and continues to fall before stagnating at roughly $300,000.

Common Challenges in High Asset Divorce Cases

While each high asset divorce case is unique and complicated in its own way, there are some common challenges that may arise. An experienced high-asset divorce lawyer can help you navigate these issues:

Business Valuations and Division

If one spouse or a couple has ownership of a business, it will need to be valued and divided in a high asset divorce. This requires an accurate understanding of things like the market value of the business and the operating income. To divide the business, one spouse might buy out the other’s shares to claim full ownership, or the couple can continue to share ownership.

In most cases, an Aurora high asset divorce attorney would recommend bringing in an appraiser to determine the most accurate value of the business. A proper valuation ensures that the business is divided equitably and can provide a better foundation for potential negotiations.

Real Estate

Real estate properties are often one of the biggest parts of a high asset divorce. These also require accurate appraisals that account for market trends, the location of the properties, and the potential for rental income from the properties. These can be sold, with the proceeds then divided between spouses, or ownership can be transferred to one spouse, with the other receiving appropriate financial compensation.

Prenuptial and Postnuptial Agreements

If there is a prenuptial or postnuptial agreement in place, the asset division process may go more smoothly. These documents clarify how assets should be divided ahead of time, and they can clearly define who should have ownership of which assets. Legal reviews of these agreements must confirm their fairness and compliance to enforce them. With a prenup or postnup agreement, the spouses may also be able to reduce the cost and time of their high asset divorce.

Hidden Assets and Tracing

High asset divorce cases have a higher likelihood of hidden assets. It’s crucial that all assets are discovered during the divorce process. This is typically done through tracing and investigations into the accounts of both spouses. Without proper investigation, you are open to potential long-term inequities in your asset division. The tracing process ensures proper documentation showing an asset’s origin and how it has been maintained.

Emotional and Psychological Stress

An option to consider is mediation or a collaborative divorce process. This can encourage a more amicable approach to the division of assets, and it focuses on mutual agreement. If you hire a high asset divorce lawyer, they can act as a third-party to resolve disputes between you and your spouse. Your high asset divorce lawyer and financial advisors can work with you to facilitate a more collaborative divorce that is often more quickly resolved and less expensive.

FAQs

What Assets Are Untouchable in a Divorce?

Assets that are untouchable in a divorce are called separate property, or assets that were attained before or outside the marriage. Proper documentation of the acquired assets is critical. Pre-marital bank statements, documents regarding gifted assets, records of wills or trusts, deeds and title documents, and financial records showing the asset wasn’t acquired using marital funds are necessary to establish when the asset came into ownership and how.

What Disqualifies You From Spousal Maintenance in Illinois?

In Illinois, you may be disqualified from spousal maintenance under the Illinois Marriage and Dissolution of Marriage Act (IMDMA). This establishes that maintenance is not a guarantee and requires the courts to determine eligibility based on:

• The length of the marriage
• The standard of living established during the marriage
• The age, health, education, employability, and earning capacity of the spouse seeking supportf
• The spouse’s ability to become self-supporting
• The property divided between the two parties, including marital and non-marital assets

Why Is Moving Out the Biggest Mistake in a Divorce?

Moving out is often a mistake in a high asset divorce because of the impact on the division of property and the negative effect on parental rights and responsibilities. The court may see it as you abandoning the family and causing a disruption to the family’s routine. It can also make it more difficult to gather important documents and your personal property, as well as to keep the marital home.

Is My Wife Entitled to Half My House if It’s in My Name in Aurora?

In Aurora, your spouse may be entitled to half of the house, even if it’s only under your name, because Illinois is an equitable distribution state. In divorce law, any property acquired during the marriage is marital property and subject to division. Marital property is divided fairly, but not necessarily 50/50. The courts will take into account both spouses’ contributions and the property’s value.

Hire a High Asset Divorce Lawyer

You don’t have to face your high-asset divorce alone. Schaffer Family Law, Ltd., is ready to step in. We can navigate the complexities and work to achieve the most equitable division of marital property possible. To get started on your high-asset divorce, schedule a consultation today.