The complexity of issues surrounding a divorce when there are high valued assets, larger incomes and investments, and the potential for longterm support make it especially important to consult a divorce attorney with experience in high income divorce. Couples divorcing in these circumstances may be working from prenuptial agreements or post-marital legal agreements reached during the marriage. The dissolution of marriage may also affect business interests of one or both parties or involve complex family business structures in place well before the marriage.
Business Valuation in Divorce
Divorcing a business owner can be a complex process. When a spouse has hands-on control of business records and the primary knowledge of all sources of income, interest income, and possible passive income of the business, calculating the business owner’s income can be a long and arduous process. Valuing a spouse’s “silent” contributions to the success of the business is important, and comingled business and personal funds only add to the confusion. Pro Legal Care attorneys are experienced in business valuation and the forensic accounting required to understand the full financial picture.
A business owner going through a divorce is very protective of business interests and their future, and a Pro Legal Care attorney can help provide peace of mind and the legal protection needed for a business to survive the divorce. In addition to the property and assets of the business itself, it’s also important to protect the intellectual property of the business, such as trademarks, patents, and copyrights.
Property and Asset Division in Divorce
Fraudulent property and asset transfers are the number one concern of our high income divorce clients, which is why we employ forensic experts to uncover hidden assets and ensure that you are on a level playing field throughout your divorce process. Hidden investments, retirement accounts, and pension funds can be devastatingly unfair.
Property and asset division on this level takes more thoughtful consideration. Attorney Zachary Townsend and his team at Pro Legal Care are experienced in high income asset division. Your case may involve:
- primary residences
- multiple vacation homes
- residential rental income property
- commercial rental income property
- classic or high value automobiles
- fine art collections
- valuable gun collections, stamp collections, coin collections and more
Our longstanding relationships with estate planning experts will help you navigate not just your divorce, but your financial future going forward post-divorce. Our network of real estate and tax professionals will help us to help you with any property transactions that are part of the divorce, while also having a clear picture of the tax implications of all property and asset divisions.
The Pre-Divorce Spending Spree
One component of high income divorce that is not often seen in a typical divorce is the pre-divorce spending spree. When one or both parties know that a separation is imminent and finances will be potentially inaccessible, it’s not uncommon to see people buying luxury items or otherwise draining shared accounts prior to a divorce.
Perhaps one party always wanted that special (and costly) item and no longer feels they need to discuss it with a spouse as the divorce is inevitable at that point. Another reason for the pre-divorce spending spree often turns out to be one party trying to establish a higher value on their quality of life shortly before the divorce, in order to claim higher needs for support or longterm maintenance.
The pre-divorce spending spree can be very damaging the financial future of both parties and is one of the many reasons that an attorney experienced in dealing with high income divorce is an important first step.
Divorce and Quality of Life
Lifestyle considerations are crucial in deciding fair and equitable agreements in a divorce. While the marriage may have ended, both parties and any children need to feel safe and secure in their post-divorce homes, with minimal interruption to their lives.
Complex family structures often present another challenge in high income divorce cases. Inheritances and other family gifts during the course of marriage may or may not be marital property but may establish a quality of life that either or both sides wish to maintain.
Illinois High Income Child Support
The calculation of child support and spousal support (often called alimony) is more complicated in high income divorce cases as well. The typical rules-of-thumb and Illinois child support calculations are not always appropriate when income exceeds a certain level. Attorney Zachary Townsend and his team at Pro Legal Care will ensure that your case is handled from a different angle to account for the special needs of a high income divorce.
Life insurance, long term care insurance, and other lifelong support policies will also need to be put into place to guarantee your children are not going to financially suffer from your divorce.
For more information about high income divorce in Winnebago, Boone, Ogle, or Stephenson counties and the surrounding area, please schedule a free consultation today with a Rockford, IL divorce lawyer at Pro Legal Care LLC.