There are times when divorce is a necessary step couples must take in order to promote a better life between both parties. However, if a couple’s divorce includes high assets or no assets at all, the process can be financially and emotionally straining.
Issues with High Asset Divorce
No matter how many assets may be included in a divorce, the process itself can never be perfect. Especially with high asset divorces, there may even be more problems involved than a divorce with fewer assets.
Either spouse may agree on anything to get out of a marriage. Making an agreement to give assets away to the other spouse just to get out of marriage is very common in a high asset divorce. This may leave both spouses with heavy financial burdens.
There is also the likelihood of hiding assets or transferring assets to business partners or children in a high asset divorce. Transferring of assets could potentially lead to fraudulent claims and loss of credibility.
In a high asset divorce, there is an increased likelihood of failing to properly account for all assets and liabilities. Each spouse must fill out a financial affidavit and accurately list all financial documents. If the affidavit is not taken seriously, then either spouse may be holding on to liabilities that do not belong to him or her.
Failing to consider tax consequences may also be involved when going through the process of a high asset divorce. Each spouse often does not consider how much will be cleared after taxes when taking into account his or her assets.
Either spouse has a lot of money in a high asset marriage. Even though there is a lot of money involved, and there is much financial freedom, each spouse still needs to invest money since his or her assets and sources of income may not show up front.
Contact Your DuPage County Divorce Attorney
No one wants to have to go through the process of divorce, especially when working very hard to maintain a healthy marriage. However, if a divorce is imminent, the compassionate lawyers at Abear Law Offices understand the financial and emotional stress that you may be facing, and we are available to help.
To schedule your free initial consultation, please call Attorney Abear, an experienced Wheaton family law lawyer, at 630-904-3033 to get the help you deserve and to ensure your best interests are well represented.