Will County High Asset Divorce Lawyer

Attorney Helping Address Financial Issues During High Net Worth Divorce Cases in Joliet, Illinois

Getting a divorce can be a complex process for any couple. Spouses will need to address a variety of legal issues involving the property they own, the custody of their children, and other parts of their lives. However, those who have a high net worth will usually need to address some unique financial concerns, and they may need assistance from multiple types of experts as they determine how to handle these matters properly. Representation from an experienced attorney is crucial in these situations, and it will ensure that a person can avoid financial pitfalls and protect their interests throughout the divorce process.

The law firm of Erin Webster O'Brien, P.C. represents clients in a wide variety of divorce cases, including situations where spouses earn large incomes or own valuable assets. Attorney Erin O'Brien knows how these issues can complicate the divorce process, and she can help clients connect with experts such as accountants or appraisers to endure that financial matters are handled properly. Her goal is to help you complete your divorce as efficiently as possible, while ensuring that your rights will be protected and that you will have the financial resources you need as you move on to your post-divorce life.

Financial Concerns in a High Net Worth Divorce

While spouses with a high net worth will need to address many of the same issues as other couples, they may encounter some unique concerns, including:

• High-value property - Spouses may need to consider some unique assets during the division of assets. A couple may own multiple homes, vehicles, boats, and other valuable property such as artwork, jewelry, or designer clothing. Appraisals may need to be performed of these items to ensure that a couple fully understands the value of their marital estate, and this will ensure that they will be able to divide their marital property fairly and equitably.
• Business valuation - If either spouse is a business owner, they may need to determine how they will be able to continue owning and operating their business after getting divorced. By performing a business valuation, spouses can be sure they fully understand the monetary value of these business interests, and they can determine how ownership of the business will be handled going forward.
• Executive compensation and retirement benefits - A person who works in an executive position may earn multiple forms of non-traditional income that will need to be considered during divorce. These may include retirement benefits such as deferred compensation or pensions, as well as stock options, profit sharing, or bonuses. By fully understanding the forms of income that a person earns at the time of divorce, as well as the benefits that will be available to them in the future, spouses can ensure that these issues will be considered when dividing marital assets or addressing financial support.
• Financial support - While Illinois law provides guidelines for calculating child support or spousal support based on the parties' incomes, these guidelines may not apply if a couple's combined income exceeds a certain amount. In these situations, an appropriate amount of support may be determined based on the parties' financial circumstances and their ongoing needs.
• Tax considerations - Spouses will need to understand how the decisions they make during their divorce will affect their tax obligations and liabilities. In some cases, capital gains taxes may apply to assets that are sold during the divorce process. Other tax-related issues to consider include property taxes on real estate, child tax credits, and deductions for business expenses or charitable donations.

Contact Our Joliet High Net Worth Divorce Lawyer

At Erin Webster O'Brien, P.C., we can help you understand the unique financial issues that may arise during your divorce. We will work to negotiate a divorce settlement that will protect your financial interests and make sure you will be able to avoid financial difficulties in the future. Contact our office today at 815-727-2100 to set up a consultation and learn how we can help with your case.