Chicago Complex High-Asset Divorce Lawyers
Are you planning to get a divorce? Does your marital estate include real-estate holdings, business and professional assets, complex trusts, retirement accounts, and other complex, high-value assets? If your answer to these questions is yes, then it is highly advised that you get in touch with the knowledgeable Chicago divorce attorneys at Nottage and Ward, LLP, for legal assistance.
When divorcing spouses have high-value assets between them, the proceedings can become extremely contentious and drawn-out. Each individual wants to retain his/her fair portion of the assets involved, yet it can be very difficult to determine an equitable distribution of assets. The legal team at Nottage and Ward, LLP, is highly qualified to assist in such matters. We have helped many clients in Chicago and the surrounding area bring a positive resolution to their asset disputes in an efficient manner.
If you have any questions or concerns regarding your own complex high-asset divorce case, please don't hesitate to call us at (312) 332-2915.
Our firm has access to a network of business valuation, forensic accounting, and other financial experts to help us identify and value complex assets. We have the resources to help you address a broad range of financial issues that often come up in high-asset divorce disputes, including:
- Retirement Assets (401(k)s, IRAs, pensions): We will conduct a comprehensive review of each and every contribution and its source to reach a proper judgment for these funds.
- Business Assets: We will conduct a proper evaluation of any closely held businesses and help you determine how much reimbursement or award you are entitled to for your share.
- Possible Hidden Assets: Our legal team knows all the signs of hidden assets and will help you expose anything that is being kept from you.
- Prenuptial Agreements and Postnuptial Agreements: We will ensure that the contractual obligations drawn out in your prenuptial/postnuptial agreements are honored, if they are enforceable by law.
- Unauthorized Transference: No transfer of property should occur without agreement from both parties before or after a petition for a divorce.
- Complex Property Tax Issues: When dividing a large estate, the number of transactions along with their tax implications can seem innumerable. We will do the paperwork for you.
Contrary to popular belief, the division of assets in a divorce isn’t always split down the middle. The tate of Illinois works under the principle of “equitable distribution,” which means that assets in a divorce must be divided in a fair and equitable manner, but the actual amount that each spouse receives is based on a number of different factors. These include:
- The income of each spouse
- Individual property owned by each spouse
- The earning potential for both parties in the future
- The couple’s standard of living
- The duration of their marriage
- Each party’s financial needs
The process of attaching a monetary value to these various items occurs during the valuation stage of the proceedings. At this time, the courts will also determine which assets are considered to be marital, or under the ownership of the individual spouses.
It can be a tricky process to identify which high-value assets should be equitably distributed. Certain assets, such as art and antique collections, jewelry and automobiles, can have both financial and sentimental value. Other things, such as business holdings, stock options, insurance policies, and retirement plans, might need to be evenly divided, even though one spouse was responsible for managing these assets. Trying to coordinate the distribution of your entire financial portfolio is a daunting task, and it’s easy to get lost in the weeds. That’s why it’s important to consult with a knowledgeable high-asset divorce lawyer who will help you evaluate the full value of each asset and make sure you receive your fair portion.
To learn more about how Nottage and Ward, LLP, can assist you with your complex high-asset divorce case, schedule an appointment for a consultation at our office today. You may fill out and submit an online contact form and we will get back to you in prompt fashion.
- What Is Forensic Accounting?
- Your Secret Stash of Cash Won’t Be So Secret When Going Through a Divorce
- Here’s Why You Need a Forensic Accountant to Deal with Your Divorce Investments
- Tips To Survive A High Asset Divorce
- Count And Evaluate Your Assets Before Beginning The Illinois Divorce Process
To learn more, click here.
To learn more, click here.
Leslie has been the strongest representation I could ask for
Leslie has been the strongest representation I could ask for in a very complicated, emotional matter. She has continuously looked out for my best interest and the best interest of my son. She is always prompt in getting back to me and in keeping me well informed about my case.
Read More Client Reviews