Complex Divorce Issues

We routinely deal with a wide range of complex legal matters that often come up during a divorce. Some of the most common issues that complicate the process include:

• Significant Assets: In high asset divorces, there are a number of issues that may arise. These include valuation of unique and complex assets such as family-owned businesses, commercial real estate, jewelry/art collections, stock options, international investments, and trusts. Other issues high net worth couples often run into include the need to uncover hidden assets, prenuptial and postnuptial agreements, spousal support, child support, and taxes.
• Retirement Assets: Retirement accounts tend to get complicated if they were opened before the marriage and money was contributed to it during the marriage. The portion of the account that was accumulated during the marriage is typically included in the asset division. To divide these assets properly and in-keeping with tax laws, a Qualified Domestic Relations Order (QDRO) or Qualified Illinois Domestic Relations Order (QILDRO) is usually required.
• Allocation of Parental Responsibility and Parenting Time: If parents can come to an agreement on parental responsibility and parenting time issues on their own or through mediation, they can save a lot of time and money. If the court gets involved, however, the process takes much longer as the issues can become more complicated. Parents who end up in court should have a strong advocate by their side working hard to protect their interests and the best interests of their child(ren).
• Tax Implications: Taxes impact several areas of a divorce. Examples include the sale of various assets, which spouse can claim a tax credit for the child(ren), which expenses are deductible, and many others. Since tax laws are always changing, you need to work with someone who stays informed of all the latest changes, so you can be advised on how they affect your specific situation.