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Five Tips for High-Net-Worth Divorces

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.

Stay Strong

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.

Attorney Tom Glasgow Named a 2021 Super Lawyer

Thomas Glasgow, partner at Glasgow & Olsson, has been named a 2021 criminal defense Super Lawyer. He has earned the Super Lawyer award for the last five years in a row based on peer reviews and a rigorous selection process. Only the top 5% of criminal defense lawyers in Illinois can earn this prestigious award.

“Super Lawyer” Award Reserved for Select Few Illinois Lawyers

Being named a Super Lawyer is not easy and involves going through a serious vetting process. Only a few Illinois lawyers were given the award in the area of criminal law. We focus a significant amount of our practice on criminal defense, but we also represent clients in family law matters, personal injury law, and federal civil rights law. At Glasgow & Olsson, our wide breadth of experience helps us provide our clients with excellent advice across a wide range of legal matters.

Attorney Tom Glasgow’s Experience and Achievements

Attorney Thomas Glasgow received his undergraduate degree from the University of Mississippi and his law degree from Chicago-Kent College of Law. With three decades of experience in criminal defense, family law, and personal injury law, he is well known for advocating aggressively for his clients. Whether he is helping an entrepreneur launch a new business or defending a client from criminal charges, he brings his experience and skill to the table. He regularly represents clients in the following types of criminal cases:

  • Federal Criminal Cases
  • State Criminal Felony Cases
  • White Collar Crimes
  • Drug Trafficking Crimes
  • DUI Defense

He is a published author, a recognized legal expert in the field of Criminal Law throughout the state of Illinois and has also been requested to participate in numerous local and national media shows to provide his insight and his legal opinion on current legal events. In addition to earning the Super Lawyer award for eight of the last ten years, he also holds an Avvo “Superb” rating and was selected by his peers as a member of Leading Lawyers for Illinois.

In addition to representing clients statewide in Illinois Courts, Attorney Thomas Glasgow is admitted to practice before all of the following Federal Courts:

  • The Supreme Court of the United States
  • The 7th Circuit Court of Appeals
  • The US District Court for the Northern District of Illinois
  • The US District Court for the Central District of Illinois
  • The US District Court for the Southern District of Illinois

The Super Lawyer Selection Process

Super Lawyers only gives awards to lawyers who have been peer-nominated using a patented multi-phase selection process. Super Lawyers evaluate every nominee using 12 indicators of peer recognition. They also look at the nominees’ professional achievements. Every year, Super Lawyers chooses the top lawyers in each area of law within their state. The goal of the Super Lawyers selection process is to help clients select ethical, skilled, and experienced lawyers. At the end of the final selection process, only 5% of attorneys are chosen as Super Lawyers.

Contact an Experienced Criminal Defense Lawyer

When you have been charged with a crime in Illinois and need the assistance of an attorney, experience matters. You need a skilled criminal defense lawyer who will fight for you. Contact Glasgow & Olsson today to schedule your initial consultation and learn how we can advocate for your rights.

What is Mail Fraud in Illinois?

In 2014, two employees of an Illinois boat dealership began to use their management positions to take out loans on boats that did not exist. This scam went on until July 2019 undetected. Allegedly, they sold the boats that never existed on behalf of their customers, but they did not remit the seller’s payment or pay off their customers’ loans. They also collected payment for titles, taxes, and fees but did not pay any of those expenses. Instead, they use the money to buy vehicles, pay for vacations, bring up credit card debt, and shop. Now, they face two counts of mail fraud, nine counts of wire fraud, four counts of bank fraud, and three counts of aggravated identity theft.

What Constitutes Mail Fraud in Illinois?

Mail fraud is illegal and punishable under both Illinois Law and federal law. Illinois mail fraud laws mirror federal laws and have many of the same elements. Mail fraud encompasses many different types of crime. Typically, mail fraud involves mailing something with an intent to defraud another person, often to trick them into sending money. In many cases, mail fraud will overlap with other types of fraud, such as credit card fraud, when the defendant allegedly steals the credit card application from the mail.

Mail fraud can also involve telemarketing fraud, financial fraud, employment fraud, and sweepstakes fraud. A defendant can face charges for mail fraud with the intent of committing a fraudulent scheme when they use the mail to send fraudulent direct mail solicitations or counterfeit items or when the defendant sends the mail with the intent to defraud.

The Penalties for Mail Fraud

Mail fraud is a state and federal crime, and the penalties for being convicted of mail fraud can be severe. When a case involves a disaster, emergency, or a financial institution, the defendant faces between 20 to 30 years in prison. Mail fraud is a class 3 felony in Illinois.

Those charged with federal mail crime face sentencing based on a point system. Entry-level mail fraud scores a six or a seven if the defendant has a prior conviction. Each score carries a mandatory minimum jail sentence. Other conditions can add points that influence the sentencing amount, such as the amount of money lost by the victims during the fraud. The penalties will also increase when the number of victims increases, depending on the type of institution affected by mail fraud. Courts always consider the defendant’s criminal record, as well.

Defending Against Mail Fraud Charges

Due to mail fraud mandatory minimum sentencing, it is important for those facing mail fraud charges to prepare their legal defenses quickly. You may be able to obtain a sentencing departure or have the case dismissed. When you need an attorney, experience matters. The lawyers at Glasgow & Olsson have a winning track record of representing clients effectively against criminal charges. Contact us today to schedule your initial consultation.