When you are planning for your divorce and taking the early steps to dissolve your marriage, it is important to consider commonly made mistakes so that you can avoid them. In a high net worth divorce, or high asset divorce, there are a variety of common errors that can result in significant financial losses. By learning about those errors, you may be able to prevent making them yourself. The following are some of those common mistakes to consider as you begin thinking about your divorce.
Working With a Divorce Lawyer Who Does Not Have Experience in High Asset Divorce Cases
One of the most commonly made mistakes in a high asset divorce case is hiring a divorce lawyer who may have experience handling many different kinds of issues in various divorces, but has no experience handling high asset divorce cases in Chicago. Just as you want to be certain you have an attorney who has experience handling cases in your specific geographic region (and experience handling divorce cases governed by the Illinois Marriage and Dissolution of Marriage Act), you also want to be sure you have a lawyer who has experience tackling some of the major issues that are most likely to arise in a high net worth divorce.
Hiding Assets or Failing to Look For Hidden Assets
Another very common error in high net worth divorces is either trying to hide assets or failing to look for hidden assets. When you go through a divorce in Chicago, you will be required to provide a full accounting of your property. The court will then determine whether the property is separate property (and not divisible in the divorce) or marital property (and thus divisible in the divorce). Trying to hide assets is more common in high asset cases where the parties may own very valuable property, especially property that may be more easily hidden, such as out-of-state or international property. If a party is caught hiding assets, that party can face serious consequences.
Just as it is a problem to try to hide assets, it is also a major mistake to avoid looking for hidden assets and carefully account for all marital property. If you do not realize that property is missing, your property settlement could be significantly less than it should be if you were to locate and identify property that your spouse tried to hide to conceal.
Failing to Work With a Forensic Accountant
Speaking of the mistake of failing to look for hidden assets, many high asset divorce cases erroneously fail to involve a forensic accountant. If there is any question at all about the identification or location of certain marital property, a forensic accountant may be able to locate it.
Contact a Chicago High Net Worth Divorce Attorney
If you are in the early stages of your divorce or are thinking about filing for divorce, it is extremely important to have an experienced Chicago divorce lawyer on your side who can assist you with your case. When you are facing a high asset or high net worth divorce, you should always hire a lawyer who has experience handling similar cases. Contact Arami Law, Inc. to learn more about the ways we assist clients in high net worth divorce cases in Cook County.