Complex Divorce Cases
In nearly every case, the dissolution of a marriage is likely to be complicated from a legal, financial, emotional, and practical standpoint. However, there are some divorce cases that are more complex than others. This may be due to large incomes, significant assets, or contentious disputes between spouses, and in these situations, it is crucial to have quality legal representation.
The attorneys of Laraia & Whitty, P.C. are highly experienced in divorce and family law cases, and we understand how the decisions made during the end of your marriage can have long-lasting effects on your finances and family relationships. We can help you determine the best strategies for achieving success during your divorce, and we will fight to protect your rights and your interests throughout your case.
Addressing Complex Divorce Situations
All divorcing spouses will need to address a variety of legal issues in order to separate their lives from each other. In some cases, resolving these matters is fairly straightforward, but there are a variety of issues that can complicate these decisions and make it more difficult to reach a settlement. These may include:
- High incomes – It is important to document all sources of income earned by both spouses and ensure that both parties will have the resources needed to support themselves and their children following divorce. If one spouse earns significantly more than the other, they may be required to pay spousal maintenance. Both parents’ incomes will also be used to determine child support obligations.
- Valuable assets – All marital property should be fairly and equitably divided between spouses during the divorce process. However, the property division process can be complex when a couple owns high-value assets such as real estate, vehicles, jewelry, artwork, stocks and bonds, or retirement accounts and pensions.
- Hidden assets or income – In some cases, a person may attempt to conceal certain assets to try to avoid having to divide this property with their former spouse. Spouses may also misreport the income they earn in hopes of reducing their child support or spousal support obligations. The assistance of a forensic accountant may be needed to uncover any hidden assets and determine the actual amount of income a person earns.
- Asset dissipation – A spouse may waste marital funds or other property by using these assets for non-marital purposes, such as to pursue an affair or to support a drug or gambling addiction. During the property division process, they may be required to reimburse the marital estate for the assets that were dissipated.
- Business ownership – Business interests owned by either spouse are often some of the most valuable and complex marital assets. Owners of car dealerships, manufacturing plants, medical practices, retail stores, or other family-owned businesses will need to perform a business valuation and determine how to divide property in a way that will allow their business to continue operating after their divorce.
- Challenging emotional situations – Divorce cases that are especially contentious or that involve domestic violence may be more difficult to resolve, and litigation in court may be necessary if spouses are unable to work together to negotiate a settlement. In cases involving children, a custody evaluator or guardian ad litem may be appointed to help the court make decisions about the allocation of parental responsibilities and parenting time.
Contact A Chicago Land High Asset Divorce Attorney
If you and your spouse have a high net worth, or if you expect your divorce to be contentious, you need an attorney on your side who can protect your rights and help you determine the best ways to reach a positive resolution to your case. Our lawyers will provide you with the legal help you need, ensuring that you can be successful as you move on to the next phase of your life. To arrange a free consultation, contact us today at 630-228-9984. We represent divorcing spouses in DuPage County, Will County, Kane County, Cook County, Kendall County and throughout the Chicago metropolitan area.