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High Net Worth Divorce in West Dundee, IL


A couple going through a high net worth divorce in West Dundee, IL

Complex Asset Division in Divorce Attorneys Serving Barrington, Algonquin, and St. Charles

Divorce is a difficult and emotionally draining process. When there are significant assets involved, however, there are more complicated issues to deal with, and the stakes are much higher. In a high net worth divorce, it is not uncommon to have unique assets that are difficult to properly value. To ensure that there is a fair and equitable asset division, you need a seasoned attorney in your corner who has extensive experience with these issues.

The Law Office of Vogel & Mourelatos, LLC, has over three decades of combined experience representing clients in divorce and other family law matters in Kane County and surrounding communities. Our attorneys thoroughly understand the complex issues involved in high net worth divorces. We have a client-centered approach, and we are committed to ensuring your case is resolved favorably and in a way that fully protects your financial future.

Common Issues With High Net Worth Divorces in Illinois

A high asset divorce can have major financial implications. In such cases, there are several factors to consider:

  • Asset Valuations: High net worth divorces often involve the valuation of complex assets. Examples include businesses, residential and commercial real estate, complex retirement assets, stock options, trusts, international investments, and unique assets such as jewelry, art collections, antiques, and automobiles.
  • Hidden Assets: A spouse may try to hide assets by transferring them to a family member or business partner, opening a secret bank account, or using other means to conceal their finances. If this is suspected, the services of a forensic accountant may be employed to uncover hidden assets.
  • Alimony/Maintenance/Spousal Support: If the court determines that maintenance should be awarded, there is a statutory formula used to calculate the amount of maintenance to be paid for couples with combined incomes of $500,000 or below. Since many high net worth divorces involve couples with combined incomes that exceed $500,000, the appropriate level of maintenance may be determined by the court without using the statutory formula.
  • Child Support: Illinois uses an income shares model that takes into account the combined income of both parents to determine child support payments. However, the court has the discretion to deviate from the statutory formula in deciding how much child support is appropriate. This is more likely to occur in high-income divorce cases.
  • Tax Implications: Dividing and in some cases liquidating high-value assets can lead to unforeseen tax consequences. It is important to understand the tax implications well ahead of time, so you can determine the best strategy to minimize your tax burden.
  • Prenuptial and Postnuptial Agreements: Many marriages in which one or both spouses have significant financial assets use a prenuptial or postnuptial agreement that specifies how the assets are to be divided in the event of a divorce.

Speak With an Experienced McHenry County High Net Worth Divorce Attorney

High asset divorces can become very complicated. At the Law Office of Vogel & Mourelatos, LLC, we have dealt with most situations that may occur in a high net worth divorce. We are strong litigators and skilled negotiators. When possible, we work to resolve your case amicably. If the other party is not willing to cooperate, however, we are ready and able to aggressively advocate for your rights and interests inside the courtroom.

For an initial consultation with one of our knowledgeable divorce lawyers, contact our office today at 847-428-7725 or 630-200-4882. We serve clients in Kane County, McHenry County, DuPage County, Cook County/Rolling Meadows, Algonquin, Barrington, Barrington Hills, Batavia, Bull Valley, Burlington, Campton Hills, Carpentersville, Cary, Crystal Lake, Dundee, East Dundee, Elgin, Geneva, Lake in the Hills, Pingree Grove, St. Charles, South Elgin, West Chicago, West Dundee, Woodstock, and the surrounding Illinois communities.