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Things to Beware of in a High Asset Divorce
A couple going through a high asset divorce is faced with trials and tribulations unique to their income bracket. If you and your spouse have considerable assets in your divorce, you may run into unexpected trouble. An Illinois divorce attorney can help you avoid crucial missteps and account for different possible outcomes.
At Shaw Sanders, P.C., we represent spouses in high asset divorces. We have the skills and experience to negotiate for a favorable resolution, especially when dealing with complex property division issues. When you work with our firm, you can take comfort knowing that your case will receive proper attention from a skilled attorney.
Expensive Litigation
It is only natural to want to protect your property in a divorce. You may feel tempted to take your divorce straight to court to safeguard all of your assets. However, a litigated divorce can be quite expensive. In some cases, the combined legal fees from multiple court hearings outweigh any assets you "win" from arguing in court.
Unless you are dead set on a heated argument, you might consider alternatives to litigation. Mediation is usually less expensive than going to court, a more informal setting where you can work out a settlement with your spouse. Collaborative law is another alternative, similar to mediation, except your interests are represented by an attorney.
Dissipation of Assets
Dissipation occurs when a spouse intentionally wastes property or wealth in a divorce. In a high asset divorce, you could lose many thousands of dollars’ worth of assets from dissipation. If you can prove that your spouse wasted marital assets, you could be paid out for your losses in court.
At Shaw Sanders, P.C., we can help you take action against dissipation. We will refer to financial records, text logs, witness statements, and other forms of evidence in an effort to prove your spouse’s responsibility. Above all, we want to make sure that you get fair compensation for any financial damages you suffer.
Shared Debts
When tallying up shared assets, many people overlook debts incurred during the marriage. Credit card debt, mortgages, and loans are all examples of debt that are split in a divorce. If you go into a high asset divorce unprepared, you may end up responsible for paying your spouse’s bills. This is why legal representation matters in these cases, as the law can be interpreted in many different ways.
At Shaw Sanders, P.C., we will advocate for an equitable solution that does not leave you in financial ruin. We can help distinguish between marital and separate debts to protect you from liability. A prenuptial or postnuptial agreement can also specify who is responsible for debts, potentially avoiding the issue.
Meet With a St. Charles, IL Family Law Attorney Today
High asset divorces are complicated. With strong legal representation and counsel, you can protect your property in the long term. If you are looking for strong legal advocacy at the end of your marriage, consider working with a Kane County, IL divorce lawyer at Shaw Sanders, P.C.. We are prepared to take on any case, providing personalized services to meet your needs. Call our offices at 630-584-5550 for a free consultation.
630-584-5550