By definition, a high asset divorce in Illinois is defined as any divorce that involves at least one of the spouses having assets valued over $1 million. These divorces often involve very complex issues and must be handled by an experienced attorney.
If you are going to be involved in a high asset divorce in Illinois, you are encouraged to take the following steps to help prevent the divorce proceedings from stalling:
Gather All Financial Documents
The first thing you should do when you have decided to begin divorce proceedings is to gather all of your financial information. This means everything from bank accounts and investment accounts to inheritances, family gifts, and earnings from your business.
You will also want to bring financial documentation regarding your monthly income, monthly expenses, overall debts, and other financial obligations.
Do not try to hide any assets because this will only prolong the divorce proceeding.
Have Appraisals Conducted of Valuables Included in the Divorce
Jewelry, artwork, and other valuables or collectibles purchased during the marriage should receive appraisals. This includes antiques, show or racing animals, boats, vacation properties, and specialty items.
Documentation of Gifts or Inheritances Received
If you received monetary gifts or valuables from your family or have received an inheritance, you must provide documentation of the values and the amounts. These assets are protected from being marital assets under Illinois law unless the gift was addressed to both parties when it was given.
Copy of Prenuptial Agreement if Applicable
If there was a prenuptial agreement, this document must be reviewed as part of the divorce. The document’s validity, the circumstances of the divorce, and all other relevant information contained in this agreement must be reviewed as part of the process.
Hire the Right Attorney
The most important thing that you will want to do is hire the right attorney. You will want to work with a divorce attorney that can manage high asset divorces, one that is experienced in negotiations and mediation, and one that is willing to fight for justice for their client.
If you are facing a high asset divorce in Illinois, call Rincker Law at (217) 531-2179 and schedule a consultation. Rincker Law has the experience, knowledge, and skills to help you through this complex divorce process.