Three Tips for Handling a High-Income Divorce

 Posted on July 26,2022 in Illinois Divorce

The divorce process can be complicated for many reasons, especially when dealing with property and asset division between two spouses. When dealing with a high-income, high-value divorce, the process can become more intricate to consider the significance of the assets at stake. Stress levels run high in any divorce, separation, or breakup. The essential nature of high-income asset division can exacerbate stress and cause high anxiety levels. If you are in the midst of a high-income divorce, here are three tips that may make the process more manageable for your situation.

Contact a Financial Analyst

Many divorce and family law attorneys have contacts with analysts that assist in the divorce process. Financial experts are one of the most commonly consulted analysts during a high-value divorce. Alongside your legal counsel, a financial expert can examine the assets divided between two partners. Some of the most common monetary and business assets that are analyzed in a high-value divorce include:

• Investments and financial investment accounts
• Income statements, including checking and savings accounts
• Tax statements
• Owned real estate
• Pension and retirement accounts
• Tangible valuables, including jewelry, cars, and other high-value items

A financial analyst can examine the assets of two spouses and help create a unique financial plan that represents the best interests of both parties.

Avoid Hiding Financial and Personal Assets

During a financial analysis, an attorney or analyst may uncover hidden assets that either spouse chose to withhold from the divorce process. Not only is this unethical, but it can also drastically harm the outcome of a divorce process. Hiding assets can include passing off items or accounts to another third-party individual or failing to disclose a shared asset. A judge in a divorce case may view hiding assets as contempt of court since all spouses are expected to uncover all shared assets during a divorce. Hiding assets can result in a longer, more expensive divorce process and cause legal trouble for the spouse choosing to hide information.

Seek Support

One of the most important things each spouse can do during a divorce is seek out support from a family member, friend, loved one, or professional. No matter the type of divorce you are experiencing, the stress and emotions that follow can take a toll on your mental health. If you are in a highly staked divorce case, it is best to allow emotional help from someone you trust. According to the National Library of Medicine, people involved in a marriage or divorce are at an attributable risk for developing a major depressive disorder, phobias, and substance abuse. It is also great to seek counseling when children are involved in a divorce to ensure their emotional security and happiness following a significant family change.

Speak With a Kane County Family Lawyer

At Weiler & Associates, Inc., our team of skilled Kane County divorce attorneys is here to guide you through a divorce. Our lawyers have years of experience working with a variety of family legal issues, including high-income and high-value divorce cases. To contact our office, please do not hesitate to reach out to us at 630-331-9110 today.

Sources:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4011132

https://www.ilga.gov/legislation/ilcs/documents/075000050k505.htm

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000