High Net Worth Divorce
Richard W. Culver, Ltd., located in Barrington, Illinois, provides thorough preparation and investigation, as well as strategic recommendations, regarding complex property division in high net worth divorce cases.
If you believe that a divorce may be imminent and if you and/or your spouse have high levels of income or assets, Barrington divorce attorney Blake Austin Culver at Richard W. Culver, Ltd. can answer your questions on complex property division in a high net worth divorce case. Blake can provide a comprehensive review concerning your specific situation, and Blake can help you protect and safeguard your legal rights and financial interests. With so much at stake, review six benefits of hiring a diligent Barrington divorce attorney.Complex Property Division in High Net Worth Divorce Cases:
In Illinois, the Court must assign each spouse's non-marital property to that spouse, and the Court must divide the marital property in just proportions after considering all relevant factors. A just proportion, however, does not necessarily mean an equal proportion. Please note that a property settlement, though it is enforceable, is not modifiable absent valid language to the contrary in the Judgment or unless the Court finds the existence of conditions that justify reopening the Judgment under Illinois law.
In complex property division involving high net worth cases, assets and properties may include the following:
- Real Estate, including the Marital Residence, a Secondary Residence, or a Vacation Home
- Retirement Benefits, such as a Pension, 401(k) Plan, Individual Retirement Account (IRA), and Roth IRA
- Businesses or Closely Held Corporations, including any Goodwill Value
- Intellectual Property, such as Copyrights, Trademarks, and Patents
- Gifts and Inheritances
- Cars or Vehicles
- Mutual Funds
- Brokerage Accounts
- Savings, Checking, and Money Market Accounts
- Furniture, Furnishings, and other Household Effects
- Family Heirlooms
- Art, including Paintings, Sculptures, Photographs, Lithographs, and Prints
- Lottery or Gambling Winnings
- Chose in Action/Net Proceeds from a Pending Lawsuit
Legal issues may arise, including, but not limited to, the following: the valuation of certain assets and properties; whether an asset or a property should be classified as marital or non-marital; whether commingled marital and non-marital property has occurred; and whether dissipation has occurred.
Protecting Privacy during High Net Worth Divorce:
Divorce decrees are public records. In high net worth divorce cases, trying to protect and/or to maintain the privacy of the terms of any agreement between the parties, such as a Marital Settlement Agreement, may be considered.
Consequently, it is prudent to contact a skilled divorce attorney concerning complex property division in high net worth cases. Attorney Blake Austin Culver at Richard W. Culver, Ltd. can help explain more about the relevant factors and the legal issues relating to complex property division in a high net worth divorce case.Contact a Barrington High Net Worth Divorce Attorney
If you have any questions pertaining to complex property division in a high net worth divorce case, contact Richard W. Culver, Ltd. at 847-382-2900 or complete the online contact form to arrange a confidential consultation. At Richard W. Culver, Ltd., evening and weekend appointments are available in order to accommodate clients' schedules. Utilize seven tips for your initial consultation with an Illinois divorce attorney.