The attorneys at Glasgow & Olsson, in Schaumburg, Illinois, represent families going through the process of divorce. Nobody envisions getting divorced when they exchange marital vows, but if the worst happens, we can be there to help. We provide expert guidance in complicated divorces involving high net worth cases, especially when one or both spouses own a business.
Issues in High Net-Worth Divorces in Illinois
There are several primary issues in high net worth divorce cases that allow for our clients to arrive at an equitable distribution of assets:
- The characterization of property (marital v. non-marital property)
- Valuation of business assets and closely held ventures
- Investigation of hidden assets and asset transference
- Proper appraisals for tangible assets
- Examination of existing prenuptial and postnuptial agreements
What is Equitable Distribution?
Under Illinois law, an equitable distribution of property is guided by several factors including each spouse’s financial circumstances, each spouse’s health and age, and more. The distribution must be equitable, not equal.
What is Marital v. Non-Marital Property?
Marital property includes debts and other obligations, acquired by either spouse subsequent to the marriage. Non-marital property includes property acquired by gift, legacy or descent or property acquired in exchange for such property, property acquired in exchange for property acquired before the marriage, property excluded by valid agreement of the parties (i.e., a prenuptial agreement), the increase in value of non-marital property during the course of the marriage. That is where having a business can make a division of assets very complicated.
What Happens to My Business?
We understand that your business is important, and we will be advocates for your business interests in the unfortunate event of a divorce. Business valuations are one key part of handling a complicated divorce. In most cases, if you started or assumed ownership of a business during your marriage, that is marital property for the purposes of equitably distributing assets. One of the many benefits of working with our experienced attorneys is that we can provide business valuation experts to provide a true forensic accounting of your business assets.
What is a Business Valuation?
It is an assessment of your business and requires a study of the history of the business, the fair market value of the business, any potential room for growth, the role and contribution of each party, and the deficiencies and strengths of the business.
How Can Glasgow & Olsson Help?
Our experienced family law attorneys can help you to successfully negotiate divorce settlements on your behalf. We investigate the specific details of your case as each family is unique. Typically, we are able to negotiate settlements without the need for a trial before a family law judge. When you need an attorney, experience matters. We can help with the division of marital assets, child custody, child support, post divorce modifications and enforcement, alimony and spousal maintenance, tax matters, and more. We serve clients in Barrington, Barrington Hills, Geneva, Hoffman Estates, Rolling Meadows, Palatine, Wheaton, and the rest of the Chicagoland area. Contact our Schaumburg law office for legal advice today, call us at 847-577-8700.