How to Prepare For a High-Asset Divorce

 Posted on December 07, 2022 in High Asset Divorce

Divorce is hard enough, but the process can get even more complicated when high-value assets are involved. If you are getting ready to go through a high-asset divorce, there are some steps you can take to make sure that your rights and assets are protected throughout the proceedings. 

Working with a high-asset divorce lawyer is vital to help you navigate the process and the legal jargon. However, you can benefit from preparing on your end, too.

Hire An Experienced Attorney

High-asset divorces can be highly complex, and the rules surrounding them vary from state to state, so you need a lawyer who is well-versed in your local laws. Additionally, having a legal expert on your side will help ensure that any property settlements or alimony payments are fair. 

Start Gathering Documents and Records Related To Your Assets

If there are any investments, businesses, real estate, or hard-to-value assets involved in the divorce, it is a good idea to get an independent financial evaluation done. Gather income tax returns, bank statements, real estate appraisals, pension plans, and any other financial information that will help the courts determine what should be divided between both spouses. 

Be Prepared To Negotiate 

Divorce often requires compromise, and that is especially true in high-asset divorces. Prepare yourself for the possibility of negotiating various aspects of the divorce outcome. This may include possession of the family home, child custody arrangements, property division, or other important matters. 

Keep Emotions In Check 

Divorce is an emotional and challenging process, but it is important to remain level-headed throughout the proceedings. Keeping a cool head will help you make better decisions that are in your best interests and those of any children involved.

Keep Track Of Your Assets, Debts, and Expenses

You may need to create a spreadsheet or use an online tool like Quicken or Mint to keep financial information organized. This way, you can easily monitor the status of your assets and ensure that everything is being accounted for. 

Make Sure To Stay Organized Throughout The Process

Try to keep hard copies of all documents related to the divorce, including court orders and lawyer correspondence. Write down any deadlines or court dates, so you do not miss any critical steps. 

Contact a DuPage County Divorce Lawyer

Going through a high-asset divorce in Naperville, IL can be an emotional and stressful experience, but preparing for it in advance will help ensure that your rights and assets are protected throughout the process. Contact us today. Call the Naperville high-net-worth divorce lawyers at Calabrese Associates, P.C. at 630-393-3111 to get moving in the right direction for your divorce.

Source: 

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm