Special Considerations for High Asset Divorce

 Posted on April 28, 2015 in Finances and Divorce

If you are entering a high asset divorce, there are several more facets to the proceedings than a person facing an average divorce will need to deal with. These are not only limited to the separation of more possessions. If you have children with your soon-to-be-ex spouse, of course, there is yet another layer of complications. If you are facing a high asset divorce, the most important step is to seek the counsel of an attorney familiar with high asset proceedings.

If your children are young, one such matter to resolve could be paying a nanny. If children are older, common issues in a high asset divorce could include private or boarding school tuition. Ideally divorcing couples will divide who must pay for what. The agreement, of course, will not be legally binding until ruled upon by a judge or until such clauses are signed upon in a divorce decree, but coming to the conclusion amicably can help ensure that it is followed after the divorce is finalized.

Many high asset couples own a business together or have high stakes in a business venture. If you suspect that you may be headed for divorce and this is your situation, yet you do not have the proper paperwork in place to protect your business interests, it is imperative to do so immediately. Preliminary agreements such as prenuptial agreements can help business owners to avoid costly legal battles later. A protracted battle over business interests during divorce can ruin a business, no matter how solvent it was before the divorce. Business contracts that could be of grave importance to divorcing business owners include those which describe how interests would be sold and bought in the event of marital dissolution. Another type of business contract of worth to married couples who own a business is a shareholder agreement.

If you or someone you know is considering a divorce in DuPage County and have high asset needs or considerations to make, contact an experienced Wheaton divorce attorney. The importance of seeking legal counsel cannot be overstated.