While any divorce can cause anxiety, a high net worth divorce can bring its own set of difficulties. The ultimate goal in any divorce is a “clean,” divorce in which fair asset decisions are made, and the children are adequately protected. When there is more at stake, it is imperative that you have a top divorce lawyer in Barrington who can make quick, smart decisions on your behalf across the entire divorce process. At Vaclavek Hartman Vaclavek, we know that in some high net worth divorces, a gag order must be put into place early on, stipulating that both spouses are prohibited from making derogatory remarks about one another to the press or on social media. This tends to keep the divorce on a more even keel throughout the process.
We will focus on protecting your privacy, working hard to settle the matter without divorce litigation, choosing private mediation, or another alternative method, which will keep the details of your divorce out of the public record. In short, the Vaclavek Hartman Vaclavek attorneys have the skills, knowledge, and experience to ensure you receive an equitable settlement while respecting and protecting privacy issues often experienced in a high net worth divorce. If you are about to go through a high net worth divorce, the following checklist can help assure you do not overlook an important aspect of your divorce. Before you start the checklist, remember always to do the following before your divorce is in full swing.
- First, make sure you safeguard your time with your children through a written agreement that defines parenting time and temporary custody prior to the divorce.
- Have your divorce attorney look at your prenuptial agreement to determine whether the terms will be found enforceable by the Illinois courts.
- Always choose a highly experienced Barrington high net worth divorce attorney who has dealt with complex assets before.
Once the above issues are taken care of, you can begin checking off the applicable list item below:
____Who will have legal custody?
____Who will have physical custody?
____What will parenting time for the parent without physical custody look like?
____How much child support will the non-custodial parent pay?
____Is private school tuition an issue, and, if so, which parent will pay?
____What about the cost of special lessons and/or sports?
____How will health insurance be handled?
____ Who will prepare the Parenting Plan which details pickups and drop-offs, as well as parenting times, and vacation issues?
____Will there be a College 529 Plan?
____How will trusts and inheritances be addressed?
____Are there any special needs which must be addressed?
Division of Marital Assets:
____Do one or both spouses have a retirement account or pension?
____Do one or both spouses have 401(k) accounts?
____Are there art collections to assess and divide?
____Is there expensive jewelry that must be valued?
____Are all accounts being considered? (checking, savings, etc.)
____How will the household items be divided?
____Who will keep which vehicles?
____Are there boats, RVs, or other items that must be valued?
____Who will stay in the marital home, or will it be sold, with the proceeds divided?
____Are there vacation properties to consider?
____Are there timeshares to consider?
____Are there rental properties that must be valued and divided?
____What about maintenance costs for all real estate?
____Is there staff for any of the real estate to consider? (gardeners, chefs, housekeepers, etc.)
____Are there marital stocks and bonds to divide?
____Does either spouse have business shares?
____Is there a family business involved?
____Are there other businesses to be valued?
____Are there offshore investments?
____Is there any risk of assets being hidden?
____Will the tax filings for the spouses be complex?
____Will maintenance be a factor (i.e., will one spouse pay alimony?)
____Is there significant credit card debt? How will the debt be divided?
____Does either spouse have a spending problem?
____Have either or both spouses taken out personal or business loans?
Assets Brought Into the Marriage:
____Does a prenuptial agreement exist?
____Did either spouse come into the marriage with an existing family business?
____Did either spouse come into the marriage with an existing family trust?
____Did either spouse come into the marriage with personal bank accounts, significant real estate, or other assets?
When you choose Vaclavek Hartman Vaclavek, you will have a top divorce lawyer in Barrington, highly skilled in successfully resolving a complex divorce. We have the business acumen and investment knowledge required to ensure you are treated fairly in your Barrington high net worth divorce. We pride ourselves on being responsive to our clients, and while we have the knowledge and experience you need, we also choose to educate our clients about the specifics of their divorce. The Vaclavek Hartman Vaclavek attorneys fully understand that your divorce is unique, therefore, we will utilize custom solutions on your behalf, always thinking outside the box. Contact Vaclavek Hartman Vaclavek today for your Illinois high net worth divorce.