How to Protect Your Assets in A High Net Worth Divorce
A high net worth divorce involves unique issues that a lower-income divorce may not face. Due to the complicated nature and the sheer number of assets involved, dividing property takes extra effort as a means to ensure its value isn’t compromised. In most cases, high net worth couples also appreciate privacy for their safety as well as personal and business reasons.
Protecting Assets in a High Net Worth Divorce
As per Illinois law, assets that are acquired post marriage are known as marital assets, with a few exceptions. If the spouses fail to come to an agreement, the judge has to decide which property will fall under this category, after which the assets are then divided. Without skilled and experienced legal representation, your assets can be undervalued or distributed in a manner that compromises overall value.
In a high net worth divorce, undervalued assets can prove catastrophic for you financially. Here are some ways you can protect them and save yourself from financial ruin:
Inventory Non-Marital Assets
List all of the properties you acquired before the marriage with evidence that proves it belongs to you. This includes real estate documents that prove ownership.
Get Copies of All of Your Financial Statements
The court focuses on proof of assets, so ensure that you have evidence to prove ownership of assets. Besides electronic copies, make sure you have hard copies of all financial statements, tax forms, brokerage statements, and other high-end documents on hand. You don’t want to risk getting locked out of that information if your spouse decides to change the password to a joint account.
Build a Strong Legal Team
Your legal team should include a high net worth divorce attorney as well as a trusted financial adviser. If your spouse is the one who handles all of the finances, both can come in handy. It should be someone you can not only trust but who can explain your situation to you in a manner that you can understand. The team can also discover assets that your spouse may try to hide from you.
If you are searching for a divorce attorney who is experienced in litigating high-end divorce cases, get in touch with Dan Walker. A licensed and experienced Hinsdale, Illinois lawyer, Dan has been in private practice for the past 45 years. He stands out not only because of his skills as a lawyer, but also because he takes a personal interest in each client and case.