Three Mistakes to Avoid in Your Illinois High Net Worth Divorce

 Posted on March 16, 2022 in Divorce

High-net-worth couples who are going through a divorce in Illinois face many unique challenges. While some may casually joke about how hard it must be to divorce a wealthy partner, the truth is that valuable assets and investments can significantly complicate a divorce in ways that may surprise even the most financially savvy partners. Even the smallest mistakes can end up having costly consequences, both during the divorce and long into the future. If you are considering a high net worth divorce in Illinois, make sure you have the help of a divorce attorney with experience in complex assets and make sure you avoid these three common mistakes. 

Hiding or Manipulating Assets

Wealthy couples have often obtained their net worth through years of hard work, ingenuity, risk-taking, and personal sacrifice. The prospect of giving up or dividing valuable assets in a divorce can be understandably upsetting. However, trying to hide assets or dissemble about their value is a strategy that can seriously backfire. Whether you try to hide money in offshore accounts, gift it to a friend with the expectation that it will be returned, or deliberately fail to disclose ownership, if you are caught, you can be held in contempt of court and end up undermining your own agenda. 

Letting Your Emotions Get the Best of You

Divorce is naturally an emotional experience, but if you want to ensure you get a fair divorce settlement, it is essential to remain as impartial as you can. If you are more focused on getting back at your spouse for cheating on you, you may overlook long-term financial calculations in favor of exacting short-term benefits that only appear to be beneficial or are beneficial for the wrong reasons. Use friends, therapists, and other strategies for processing your anger and sadness over the divorce so you can be clear-headed throughout the asset negotiation process. 

Rushing the Divorce

Divorce can feel like it drags on forever. Sometimes, you may be tempted to throw up your hands and make concessions just for the sake of getting it over with. While there is a time and a place for compromising to get results, complex financial negotiations are not that time. Things like business valuations, real estate assessments, and asset sales can be time-consuming and require the aid of experienced professionals. Do not cut corners on these issues. Instead, remind yourself regularly that divorce will not last forever and that you will thank yourself many years down the road for taking the time to make smart financial decisions now. 

Call a Naperville, IL High Net Worth Divorce Lawyer

The experienced Naperville high net worth divorce attorneys with Pesce Law Group, P.C. understand that divorcing couples with complex assets and high incomes require legal help that is competent, punctual, and confidential. We are ready to help you make a plan for divorce that prevents unnecessary errors and positions you for a favorable outcome. Call us today at 630-352-2240. 

Sources: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000