Orland Park High Net Worth Divorce Attorney

Lawyers For Complex Divorce Cases in Mokena, New Lenox, and Frankfort

Regardless of the situation, the end of a marriage is often difficult for everyone involved. However, while some divorce cases can be resolved fairly quickly and easily, divorces in which a couple has a high net worth can be incredibly complex. This is true even when a couple plans to split amicably. In cases involving high amounts of conflict, the legal issues that must be addressed can become overwhelming. When your divorce involves high incomes or significant assets, it is essential to have an experienced attorney on your side.

At Wakenight & Associates, P.C., our attorneys have over 95 years of combined experience in a wide variety of divorce cases. We have assisted many clients in complex, contentious situations, and we can put this experience to work for you to ensure that your financial interests are protected during and after your divorce.

Legal Issues in High Asset Divorce Cases

When one or both spouses earn a large income or own significant assets, the assistance of financial experts is often required to gain a full understanding of the couple's finances. Some of the legal concerns that may need to be addressed during divorce include:

• Asset and Debt Division - All marital property should be divided fairly and equitably between spouses, regardless of which spouse purchased items or accrued debts or any difference between the spouses' income levels.
• Investments and Retirement Accounts - A Qualified Domestic Relations Order (QDRO) should be used to distribute pension plans and retirement funds between divorced spouses.
• Real Estate - If spouses own multiple properties, such as vacation homes or investments in commercial or residential real estate, these assets may need to be appraised so they can be properly divided between the spouses.
• Business Valuation - The value of any business interests owned by either spouse will need to be determined to ensure that these assets are divided fairly.
• Protecting Family Businesses - Spouses may be concerned about the ability of family-owned businesses to remain in operation after the division of marital assets, and they may want to ensure that other forms of wealth are protected to be passed on to children or other family members.
• Hidden Assets - Spouses who own complex financial assets, multiple accounts, or valuable property may attempt to conceal some of these assets in order to avoid sharing them. Attorney assistance is often required to uncover these assets.
• Dissipation of Assets - A spouse may attempt to hurt their former partner by making large expenditures or wasting marital funds. However, these actions may affect the decisions made during the division of marital property.
• Spousal Maintenance - If one spouse earns more than the other, they may be required to pay financial support that will allow the other spouse to maintain their standard of living following divorce.
• Tax Considerations - Divorcing spouses will need to ensure that they are claiming the correct tax credits and deductions, and they should also be aware of the tax consequences of dividing high-value assets.

Contact a Will County High Income Divorce Lawyer

When you have a high net worth, you may struggle to fully understand the many legal issues you must address during divorce. At Wakenight & Associates, P.C., we can ensure that your divorce settlement meets all legal requirements, and we will fight to protect your financial future following your divorce. Contact our office at 815-727-6144 to set up a free consultation. We provide legal help to clients in Tinley Park, Oak Forest, Orland Hills, Homer Glen, Lockport, and Joliet.