Attorneys often call January “divorce month.” After the holidays, many couples decide that it is time to get out of their marriages. Sometimes families want to have one last holiday together before they go through with the divorce. Dividing up assets in a divorce is always a challenge, especially when spouses own a business together or own significant assets. If you are considering getting a high-net-worth divorce in 2021, we have some tips for you that can help minimize the chances of surprises along the way.
Begin the Planning Process
Beginning the divorce process often seems overwhelming. You may not be entirely sure that you are ready to get divorced, but you should hope for the best and plan for the worst. If you do end up getting divorced, it will change your life in many different ways, both emotionally and financially. If you are underprepared, you will find yourself at a disadvantage. It is wise to meet with an attorney now and discuss how getting a divorce will affect your assets, so you can get an idea of what may be to come.
Compile an Accurate List of All of Your Assets
When couples have significant assets or when they own a business, the first step in a divorce is to compile an accurate list of all of their property. Start making a list of all of your assets. In many high-net-worth divorces, dealing with property is especially difficult. It is vital that you do not try to hide assets, even if you are concerned that your spouse might take assets before the divorce or misuse your assets by overspending.
Typically, high-net-worth divorces take longer than other divorces due to the volume of assets to be divided. If you own a high-value business, it could take the courts time to decide how to divide up the property. Additionally, if you and your spouse cannot agree on whether the business should be divided up or whether one spouse should be paid to sell his or her shares, the divorce will take more time.
Consult an Accountant
When there are many assets involved in a divorce, it is wise to work with an experienced divorce lawyer. We strongly encourage you to also hire an experienced accountant. After a divorce, there are many tax consequences, and it is wise to speak with an accountant who understands your financial situation and can provide helpful advice.
Follow the Court’s Orders
Finally, it is important that you comply with the court's final order. Even if you believe that the court did not treat you fairly, you should adhere to the order. Courts frown on malicious and obstructive behavior, and failure to comply with the divorce decree can cause you even more problems and cost you a lot more money in the long run.
Contact an Illinois Divorce Lawyer Today
If you are considering a high-net-worth divorce in Cook County, Glasgow & Olsson is here to help. We have significant experience representing high-net-worth couples. When you need an attorney, experience matters. We do not provide a free consultation because we view your initial consultation as the most important meeting you will have regarding your divorce. Contact us today to learn how we can represent you.