Divorces are emotionally taxing life circumstances that affect many families. The spouses involved in the divorce aren’t the only ones affected, however. Immediate family members, as well as the offspring of the couple, are heavily impacted as well. Although divorces are already difficult situations, high net worth divorces bring more stress into the situation because major assets have to be reviewed, discussed and divided.
One of the most critical factors in a high stakes divorce is to retain a high net worth divorce lawyer in Chicago. This individual should have the experience and track record of protecting their client’s assets. Perhaps the biggest difference in a high net worth divorce is the simple fact both sides have the ammunition to drag out the proceedings, which heavily affects everyone involved and doesn’t allow any bystander to move on and heal.
Asset Protection
It is typical in a high net worth divorce for there to be investigations into hidden assets one of the spouses may hold. Retaining a high net worth divorce lawyer in Chicago and being completely honest with them ensures clients are fully protected under the client privilege law and helps the lawyer in making a case to protect all assets that might be on the line. The lawyer will generally locate and evaluate all assets, from stocks and bonds to overseas bank accounts to properties. From there, the lawyer will see if the assets must be split evenly or if there are different legal rulings on the assets, such as with inheritances.
Tax Consulting
Once a high net worth divorce lawyer in Chicago has reviewed all assets, an additional review from a tax expert will come into play. Tax experts will have financial knowledge of the law to suggest what assets to fight for, to split or to give up, according to different tax brackets.
Overall, establishing a trusting team to fight for the rights to an individual’s assets ensures the divorce proceedings are fair for all.
Need the assistance of a high net worth divorce lawyer in Chicago? Visit Michael C. Craven’s website to find out more information.
