Family law is a very personal and sometimes complicated type of legal practice especially in cases involving significant financial assets and significant incomes. Due to the wealth involved, there are new issues, which require High Asset Divorce Lawyer Chicago strategic legal planning, and financial sophistication in regard to high-net-worth divorces. During such instances, it would be advisable to get a knowledgeable and experienced Family Law Lawyer Chicago who will make sure that your rights and interests are not violated in the process of pursuing legal redress.
At Hammer, Serna & Quinn, LLC, one gets personal legal advice, which is given by the attorneys experienced in both the complicated financial issues and complex family relationships. As with asset valuation, spousal maintenance and business matters, the firm has the acumen and discretion that is required to bring high-stakes family law matters to successful conclusion.
High-Net-Worth Divorces are so Different
Although Illinois divorce laws represent a uniform set of rules that are applied with equal force to all citizens irrespective of their income, there is a specific pattern of legal and financial issues that the individuals with high net worth must address. In contrast to the simple cases, when the property burden is high, the divorce requires thorough review of the marital and non-marital property, taxes and the complexity of financial structure.
The role of a family law lawyer Chicago is very critical in handling such complexities. High wealth clients tend to have an interest in an ownership position in privately owned business, have various real estate properties, an investment portfolio, a retirement account, and may even have international holdings. All of these will have to be individually examined so as to be able to comprehensively value and equally divide them as guided by the Illinois equitable distribution laws.
Strategic Valuation and Distribution of Property Division
Division of the marital property can be viewed as one of the main aspects of any divorce. This is much more complicated in high-net-worth cases. Wealthy couples tend to have numerous and complicated portfolios unlike in the case of ordinary divorces where the assets might just include bank accounts and a home.
The appreciation of business interests, stock options, and investment properties as well as luxury items do not value without the involvement of financial professionals who include forensic accountants and valuation. An experienced family law attorney Chicago knows when and how to involve these professionals in the case and make the valuation credible, well-documented, and provide it with the right to be presented in the court.
In addition, there are commedling assets problems where personal wealth is mixed up with marital money and they have to be traced. Correct legal research on the topic would help avoid the conflict and exposure to the expensive litigations.
How it works and factors to put in consideration
Another usual problem in affluent divorces is the spousal support. The Illinois courts do not grant maintenance automatically, they apply a variety of factors to the situation such as length of the marriage, the standard of living established during the marriages, and both the earning capacity of each of the spouses.
The issue of income is hardly ever simple in high asset cases. One can have a business owner with uncertain income streams, deferred income or changing dividends. A high-net-worth family law lawyer Chicago can assist in crystallising such financial aspects and displaying them appropriately in court and winning a decent maintenance plan, either as a possible payer or recipient.
The Risk of Litigation and the cost of being Proactive
Divorces from high-net-worth people are likely to involve a high risk of litigation. There are higher probabilities of asset valuation disagreements especially when major assets are involved or a dispute on who owns the asset or how the asset should be settled. Although the objective is always a friendly settlement, it is always imperative to do trial preparation.
A skilled family law attorney Chicago can work on a strategic plan of action which will encompass every possible area of dispute, ensure that all the required paperwork is ready and safeguard your interests in negotiations and in the court. The sooner you would engage counsel, the more chances to solve problems on a preemptive basis and, accordingly, the prevention of protracted litigation with high financial costs.
For more information Hammer Serena & Quinn, LLC can assist you, visit our website https://www.hsqlawfirm.com/ or contact us at 312-372-6058.
