High Asset Divorce
Divorces between spouses who have substantial marital assets usually require an experienced lawyer. High net worth dissolutions may raise complex questions about maintaining lifestyles and how to divide property. At the Law Offices of Nick Kulagin, our dedicated family law lawyers can provide people throughout DuPage County and Kane County with the legal guidance that they need to protect their long-term financial security. Based in Wheaton, we have 15 years of experience and are dedicated to protecting your family, your home, and your business. We are ready to discuss your rights and options with you.Navigating the Process of a High Asset Dissolution
High asset divorces can be intricate proceedings because they involve correctly categorizing and valuing diverse and complex assets. Some common examples include retirement assets (pensions, 401(k)s, and IRAs), parcels of real estate, shares in a business, international assets, and valuable personal property such as fine art. Our firm can work with the necessary forensic accountants and financial experts to identify and accurately value your property. We understand that certain assets, such as jewelry or antiques, may have both financial and sentimental value. We will take all of this into account when we are evaluating a specific asset.
Illinois is an equitable distribution state. Equitable distribution does not mean that each spouse will receive exactly 50 percent of the total marital property. Instead, it means that marital assets will be divided in a way that is considered fair. There are a number of factors that a court will examine to determine what is fair. Some of these factors include:
- Each spouse’s education and earning potential;
- Each spouse’s contribution to the home;
- The length of the marriage;
- The health and age of each spouse;
- The tax consequences of property division;
- Any child custody arrangements; and
- Any obligations from a prior marriage.
It is important to note that only marital property is subject to division at the time of divorce. This concept is defined as any assets acquired over the course of the marriage. Marital property typically includes bank accounts, real property, vehicles, and personal property. In most cases, it is irrelevant whose name the property is held in. If it was acquired after the marriage, it will likely be considered marital property regardless. Non-marital property includes any assets that one spouse owned prior to the marriage, as well as gifts, inheritances, damages awards in personal injury cases, and any assets specifically designated as non-marital property by contract. Each spouse will receive his or her non-marital property in its entirety upon divorce.Contact a Knowledgeable Lawyer When Pursuing a Divorce in Kane or DuPage County
The divorce attorneys at the Law Offices of Nick Kulagin can advise DuPage County and Kane County residents on how they can protect their assets. We are familiar with the process of retaining experts and valuing property, and we can craft a strategy that is tailored to your specific goals. We also represent individuals in Naperville, Hoffman Estates, Mount Prospect, and Oak Park, among other communities. To set up a free consultation, call us at 630-480-6399 or contact us online.