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Special Issues in High-Asset Divorce

 Posted on January 30, 2024 in High-Asset Divorce

IL divorce lawyerWhen spouses have a relatively small marital estate, dividing their marital property equitably can be a somewhat simple task. If there is little more than a bank account and some furniture, the portion of their divorce that pertains to the division of assets will likely be over quickly and with little dispute. However, in high-asset marriages, it is very likely that the spouses have complex assets that will be more challenging to divide. If you and your spouse share income properties, a business, or an investment portfolio, your attorney will need to take special care to ensure that you receive your fair share of the marital assets. When there is a lot at stake, it is critical to be represented by a well-qualified Arlington Heights, Illinois, high-asset divorce attorney

Common Types of Complex Assets 

Some assets are more difficult to divide than others. Some types of assets you may need to divide strategically during your high-asset divorce include: 

  • Retirement accounts - If one or both of you earn a high income, you likely have a substantial 401(k) or other form of retirement savings. Even if only one spouse made contributions, both spouses are entitled to some portion of any contributions made during the marriage. 
  • Income properties - When you and your spouse own commercial or residential properties you rent out to others, including vacation properties you use as short-term rentals, you will need to find a fair solution for dividing this real estate. This may mean continued co-ownership and division of profit, or one of you may elect to buy out the other’s interest. Selling the properties is another option. 
  • Stocks - Many high-asset couples choose to invest a substantial amount of money. There are several ways of splitting a stock portfolio. Dividing ownership interest in each entity invested in is a common choice. 
  • Businesses - You and your spouse may no longer wish to work together after a divorce if you were both involved in running the business before. Often, one spouse buys out the other interest, or one spouse backs away from daily operations and takes a smaller share of profits. 

Child Custody and Frequent Travel

If one or both of you travel frequently for work or divide your time between two family homes, your child custody case may be a bit more complicated. Living on the road may not be ideal for your children unless you have a specific plan for educating them, such as hiring a tutor to travel with you. If one of you only spends time at your secondary home during the summer when school is out, this may not pose much of an issue. 

Contact a Cook County, IL, High-Asset Divorce Lawyer 

Law Offices of Donald J. Cosley is uniquely experienced in a high-asset divorce. Dedicated Arlington Heights, IL, high-asset divorce attorney Don Cosley can help you reach creative and strategic solutions for the special issues that are frequently involved in divorce with wealth. Contact us at 847-253-3100 for a complimentary initial consultation. 

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