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DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

ST. CHARLES

333 N. Randall Road, Suite 104, St. Charles, IL 60175

Phone: 630-443-0600

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105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100
Subscribe to this list via RSS Blog posts tagged in high asset divorce

Posted on in Family Law

IL divorce lawyerGoing through a divorce can be a complicated process. Working out maintenance and child visitation, how to divide a business, debt, etc. can all add to the stress of your divorce. If a couple’s finances are particularly complex, it may require a forensic accountant. A forensic accountant for a divorce is someone who details all the debts, assets, and other financial aspects in the divorce and presents that information in a courtroom. Divorce attorneys can help with general financial aspects of a divorce, but for more complex matters it may be necessary to work with a forensic accountant to ensure the finances are taken care of properly.

How Can Forensic Accounting Help Me?

Forensic accountants are most often used in high net worth divorce cases but can be used by anybody if they are needed. Some of the ways a forensic accountant can help your divorce case by searching to see if there are hidden assets, evaluating the long-term impact of the divorce on finances, or determining the value of assets and evaluating expenses. To do so they will examine any deeds, stocks, investments, bank statements, etc. and compile everything together.

The forensic accountant can be especially helpful if you believe your spouse is hiding assets. For example, if they bought some cryptocurrency in the past and have not disclosed it to you or the court, that could be very valuable and will need to be considered in the division of assets in your case. If your divorce is amicable, you probably do not need to worry about that issue as much, but it is still beneficial to you to make sure everything is accounted for in your case. Often forensic accountants are used for business valuation. Business finances and personal finances for business owners are often intermingled in complex ways, and the forensic accountant will determine where assets should be placed for divorce considerations.

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DuPage County divorce lawyersDivorce, 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.

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DuPage County divorce attorneysWhile it has been said that “money is the root of all evil,” there is really nothing wrong with wanting or needing financial stability. In fact, in this day and age, financial stability is absolutely crucial when it comes to protecting your overall health and wellness. So how do you ensure you get your fair share in high asset divorce? The following explains further.

A Battlefield or a Place of Compromise?

Sadly, the fight over money in divorce can (and sometimes does) turn court into a battlefield. Couples who once loved each other wage war and sometimes even engage in sneaky and underhanded tactics in order to keep their fair share. In these situations, it is critical that you have a legal representative who is willing to protect your rights – preferably one who is also experienced in handling high asset divorces and high conflict litigation proceedings. Yet this is not always a requirement. In fact, if you instinctively pursue the kind of attorney that starts out swinging, you could turn what might have been an amicable divorce into a highly contentious one. As such, it is important that you also seek an attorney who knows how to protect your interests in peaceable negotiations.

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Posted on in Family Law

money fearsMoney issues can cause a lot of fighting during any marriage.  The stress that builds up when bank accounts are low can make your partner look like an enemy rather than an ally.  This is the case especially if each spouse tries to manage their joint account differently.  Some research suggests that arguments about money are a top predictor of the dissolution of marriage.  But just as money issues can cause a divorce, there are money fears that are prevalent even through the divorce process.

One fear during a divorce is not getting what you deserve.  Throughout marriage, each spouse plays a role in the accumulation of wealth.  In some cases, that is simple assets like a house and a bank account.  In some cases, the marital property is complex and its division can be the cause of fear.  No one wants to be a sucker especially during a divorce.  Make sure to talk to your divorce attorney to ensure that you uncover any hidden assets and set a fair value for your shared property.

Another fear that persists during a divorce is the fear of the unknown, specifically regarding the assets you will received after the divorce is finalized.  The dread is that some assets are better to have like cash rather than equity in a house or even stock in a family business.  A good way to alleviate your concerns is by speaking to a financial advisor who can explain what assets are more advantageous.

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Posted on in Family Law

Divorce Mediation Coaching SessionWith the rise of divorces, there was a pressing need for more help for the people going through a divorce.  The term of “divorce coach” seems to have come from the same time of “life coach.”  Around the 1990’s, Dr. Kim Lurie, who was a lawyer in Merrick, NY started calling herself a divorce coach.  The term didn’t become mainstream in newspapers until the new millennium.  That was when lawyers, psychotherapists, financial planners and other professionals creating a burgeoning field of new divorce coaches.

Now there are businesses which allow for a couple to meet with divorce coaches who specialize in different aspects of divorce, such as finances, co-parenting and moving on after a divorce.  The important thing to remember about divorce coaches, although they usually have some training, they don’t take the place of a divorce attorney.  Depending on your needs, different coaches can other different areas of expertise.  But there are a select few things that you can expect from divorce coaches.

First, they can offer pre-legal advice.  They can be used as a cost-effective way to talk about your ex and also get recommendations for how to proceed with your divorce.  Second, divorce coaches can lend a helping hand through the process.  In times of stress and strain, people lean on their families, yet, through a divorce, it is harder to find unbiased or unemotional advice.  The third thing you can receive from a divorce coach is organizational help.  Divorce requires the completion and filing of a lot of different types of paperwork.

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

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