Naperville, IL High-Asset Divorce Attorneys

Lawyers for High Net Worth Divorce Cases in Naperville, Illinois

Regardless of a family's circumstances, a divorce is likely to involve a variety of legal, financial, and emotional issues. However, when a couple has a high net worth, the financial concerns that they will need to address during their divorce are likely to be especially complex. These cases may involve multiple types of assets, including real estate properties, business interests, investment portfolios, and other substantial financial holdings.

People in Naperville who own valuable homes, operate successful businesses, or hold other types of assets may encounter unique challenges during the divorce process. At Mevorah & Giglio Law Offices, we provide effective legal representation in high asset divorce cases, working to protect our clients' financial interests. With our comprehensive understanding of the legal issues involved in these cases and our detailed attention to our clients' financial concerns, we can provide the guidance needed to navigate these sensitive matters successfully.

Why Discovery Is Critical in High Net Worth Divorce Cases

One of the most important aspects of a high asset divorce is the discovery process. Our attorneys can take the proper steps to gather information about all of a couple's marital assets and debts, as well as separate property owned by either spouse. This can provide a full understanding of our clients' complex financial portfolios and ensure that marital property can be divided fairly and equitably.

The discovery process may involve:

• Reviewing tax returns, bank statements, and financial disclosures
• Analyzing investment accounts, retirement funds, and stock portfolios
• Investigating potential hidden assets or undervalued property
• Working with forensic accountants to trace financial transactions and identify discrepancies

Real Estate Property Division

Real estate holdings are often among the most valuable assets in owned by a couple with a high net worth. Our lawyers can help our clients identify and appraise all properties and address concerns about how ownership of these properties will be handled going forward.

We can help determine what to do about a couple's primary residence, providing guidance on decisions about whether one spouse will retain ownership of the family home or whether it will be sold with proceeds divided equitably. We can also evaluate ownership interests in vacation properties such as lake houses or condominiums in Illinois or other states. When a couple owns rental properties or commercial real estate, we can evaluate the income streams from investment properties and make sure the value of retaining ownership of these properties is fully understood.

Options for dividing real estate may include selling a property and splitting the proceeds, or one spouse may "buy out" the other's share of a home's equity through a cash payment or other assets. Our lawyers work with our clients to explore these options and negotiate agreements that reflect their financial goals.

Client-Centered Divorce Representation

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Business Valuation and Business Asset Division

Business interests and professional practices are likely to be among the most significant assets owned by a couple with a high net worth. Determining how ownership of these assets will be handled can be challenging, especially when one or both spouses earn income through a business.

Before determining how business assets may be divided, an in-depth valuation must be performed to determine the fair market value of a business or professional practice. Our attorneys work with business valuation experts, considering issues such as a business's assets and liabilities, income streams, and projected future growth. We help our clients understand the value of their assets and determine how they may be able to divide marital property while keeping a business intact.

Retirement Accounts, Pensions, Executive Compensation, and Investments

Retirement savings and investment portfolios are often significant components of a high asset marital estate. Determining how to divide these assets may be a complex matter, and the proper steps must be taken to avoid unintended tax consequences and ensure compliance with federal and state laws.

Our lawyers can help address:

• Retirement Accounts and Pensions: Dividing 401(k)s, IRAs, and defined benefit plans requires careful planning. A Qualified Domestic Relations Order (QDRO) may be necessary to ensure that funds can be transferred without incurring taxes or penalties.
• Executive Compensation: Complex valuation methods may need to be used to assess stock options, restricted stock units (RSUs), deferred compensation, and bonuses. Our lawyers can help couples understand the strategies that may be used when dividing these assets.
• Investment Portfolios: Equitably dividing stocks, bonds, mutual funds, and other investments may involve a variety of complex considerations. We work with financial experts to address issues such as market fluctuations and taxes that may apply when transferring ownership of these assets.

Hidden Assets and Asset Dissipation

In some high net worth divorce cases, one spouse may attempt to conceal assets or take other steps to influence the division of marital property. A spouse may also engage in asset dissipation in which they waste marital funds or destroy marital property. Common tactics include transferring funds to hidden accounts, undervaluing property, or making large, unjustified purchases.

To address these issues, our attorneys can work with forensic accountants to trace financial transactions and uncover hidden assets. We will review business records for signs of unreported income or inflated expenses. We can take legal action to freeze accounts or recover dissipated assets. We work to protect our clients' financial interests at all times and make sure that any financial misconduct will be addressed during the divorce process.

Frequently Asked Questions About High Net Worth Divorce in Naperville

Contact Our Naperville High Net Worth Divorce Lawyers

When dealing with high-value assets or other financial concerns during your divorce, the lawyers at Mevorah & Giglio Law Offices can help you take the right steps to protect your financial interests. Contact our Naperville, IL high net worth divorce attorneys and schedule a free consultation by calling 630-420-1000.