Divorce, in and of itself is an emotionally and financially complex process. Add in matters like high net worth, contested child-related matters, alimony, or a closely held business and it becomes a proceeding full of risks and potential pitfalls. Even more concerning are the potential long-term or lifelong consequences. Learn more about the risks of complex divorce, and how you can mitigate them, with help from the following information.
Division of Property and Assets
Illinois is an equitable distribution state. This means that debts, property, and assets are divided in a “fair” manner. Sadly, this subjective term can leave parties vulnerable to highly contentious situations. In some cases, parties may even attempt to hide or dissipate assets to obtain more than their share. Such situations can place a disadvantaged party at serious risk for a loss in financial security. Further, improperly distributed assets are difficult to contest once the divorce has been finalized.
Businesses add yet another layer of complexity to divorce cases. No longer are judges looking at just the assets, debt, and property of the marriage; liabilities, profits, and projected future earnings of a company must be analyzed as well. Any failure to obtain an accurate valuation could result in financial strain for one or both parties.
Child-Related Matters
Of all the situations that couples face in divorce, those pertaining to children are often the most sensitive and contentious. Why is this, especially when it seems only logical that each parent would do all that they can to ensure these interests of the child are protected? Part of the problem is that each parent shares an emotional connection to the child. When this is paired with the pain of divorce and potential fears of “losing” the child and the divorce, it can cause even the most rational of people to act in ways that seem out of character.
Another common issue in contentious child-related matters is the risk of danger to a child. For example, a parent and their child may have experienced domestic violence or dangerous substance abuse issues (i.e. driving with or caring for the child while intoxicated). Naturally, the parent wants to protect their child, but failure to approach the matter in an appropriate way can cause them to be accused of parental alienation. This could ultimately cost the protective parent and may even place the child at risk for being placed with a parent that might endanger them.
Mitigating the Risks of Complex Divorce
While every divorce case is unique, most risks can be mitigated in a similar way - with the help of an experienced divorce lawyer. At Mevorah & Giglio Law Offices, we understand the importance of a favorable outcome in your case, and we will fight for the settlement you desire. Learn more about how our DuPage County divorce lawyers can assist you. Call 630-932-9100 and schedule a free initial consultation with us today.
Sources:
http://www.businessinsider.com/how-to-protect-money-divorce-2017-1
http://ijr.com/2017/01/776870-mom-tries-everything-to-protect-herself-from-violent-husband-her-family-argues-the-courts-couldve-saved-her/
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