The CEO of a successful Chicago business finally found the right woman while attending a work conference. They decide to settle down in Barrington, a northwest Chicago suburb. Knowing he has substantial wealth, the CEO presses his fiancee to sign a prenuptial agreement. She convinces him not to sign a prenup, promising that they will split all of their expenses equally once they are married. Their plan sounds reasonable, but they begin to show resentment toward each other soon after tying the knot. Her income is significantly lower than his.
She wants to reduce her hours, but he reminds her of their agreement. They begin constantly arguing about money. Despite attending marital counseling, they cannot resolve their differences. The wife decides to file for divorce, and now the husband is preparing for a high-net-worth divorce without a prenup. Here are a few tips for couples going through a high-net-worth divorce.
List Your Assets as Soon as Possible
Failure to take an accurate inventory of all of your assets until the last minute is a mistake you will want to avoid. You may own multiple real estate properties that have appreciated over time. Selling these properties and dividing the proceeds could trigger significant capital gains taxes. Without a capital loss to offset the gains, you may suffer long-term financial impacts.
The Divorce Will Take Time
High net-worth divorces take more time than other divorces. Working with a divorce lawyer will help you identify all of your assets and debts. Your lawyer will be able to help you start the negotiation process. Financial experts will help evaluate your financial situation. High net worth divorces can be similar to breaking up a large company.
Prepare to Manage Your Spending During the Divorce
Unfortunately, many people assume that they will receive a larger divorce settlement if they spend more on themselves and the household during the divorce. They think that the more they spend on themselves, the higher their financial needs will appear in court and the more money they will get. This is not the truth, however. Spending extremely high amounts of money on personal items and needs could be seen by the court as a lavish wasting of assets that could negatively affect your divorce settlement. Instead, you should regulate your spending and keep it as normal as possible until the court finalizes the divorce proceedings.
The Sooner You Get Legal Representation, the Better
When seeking a high-net-worth divorce, you need a lawyer with extensive experience representing clients in high net worth divorces. The fair distribution of assets can become complex quickly in high net-worth marriages. You need someone on your side who can help you navigate these waters effectively. Experienced lawyers have the highest chance of minimizing a drawn-out divorce and securing you a fair settlement agreement.
Having an Experienced Lawyer Makes a Difference in a Barrington Divorce
If you need legal representation for a high-net-worth divorce in Barrington, Glasgow & Olsson has experience in high-net-worth divorces. When you need an attorney, experience matters. Contact us today to learn how our experience can get you the results you deserve.