4 Important Tips for Individuals Facing a High-Asset Divorce
Posted on October 05, 2021 in Divorce
Anyone who has been through a divorce or is currently in the middle of divorce proceedings would likely agree that finalizing a divorce can be a complicated and contentious feat. When substantial assets and high net worth are involved, the complexities and conflicting opinions can increase exponentially. If you are facing a high-asset divorce in Illinois, there are steps you can take to make the process as smooth as possible and help you to achieve a successful settlement in the end.
Identify and Organize All Assets
While building a comprehensive list of all of your assets may not be the first thing that comes to mind at the onset of a divorce, identifying and organizing all assets as soon as possible is incredibly important. It is also important that you are completely transparent when creating this list. If it is discovered that assets are being hidden, it can have a detrimental impact on the determined settlement that one receives. This includes attempting to liquidate, devalue, or transfer ownership of any assets.
Take the time to build an inventory of your property ahead of time. It is also recommended to make copies of documents and records as these may be unavailable when divorce proceedings begin.
Prioritize Privacy Through the Divorce Process
Taking to social media to vent about divorce-related issues is highly discouraged. It is important to maintain privacy regarding all court proceedings. Information posted to social media platforms is easily misinterpreted and can be used against either party during a divorce.
If you are concerned about sensitive information being exposed in a public manner, like social media, you may have the option to request certain documents be sealed, strictly limiting the viewership of these documents to only the involved parties.
Have Patience Throughout the Divorce Proceedings
Maintaining patience throughout a high-asset divorce is critical to the final outcome. Because of the amount and weight of the assets shared throughout the marriage, divorces involving substantial net worth are bound to take much longer to finalize than a typical divorce. It can be very challenging to remain patient when faced with such complicated finances. However, reaching a positive divorce outcome may take months or years so patience is key.
Employ Professionals Who Can Help
If you are considering divorce, or your spouse has already served you papers, it is important to seek legal guidance immediately. Hiring an attorney who is experienced in handling high-asset divorces will play a critical role in ensuring all assets are accounted for. A skillful divorce lawyer will be able to effectively represent you in court and strongly advocate for the assets you are entitled to.
Additionally, an experienced and knowledgeable attorney can assist in obtaining a forensic accountant and financial planner that you may require in order to evaluate and identify all finances and assets properly.
Contact Our Kane County Divorce Attorneys Today
If you are facing a high-asset divorce, our Geneva divorce attorneys can provide legal guidance. To learn how The Law Offices of Douglas B. Warlick & Associates can help, schedule a free consultation today by calling 630-232-9700.
Sources:
https://www.isba.org/public/guide/gettingadivorce
