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3 guidelines for a productive high-asset divorce

| Dec 25, 2020 | Firm News |

If you have plans to file for divorce, you want to make sure you maintain your quality of life after reaching a settlement. You may also have concerns about how the process will impact your worth. 

When your divorce involves closely held business assets, real estate partnerships, assets held in a trust and other items of significant value, you may expect a complicated divorce. But there are steps you can take to enhance the productivity of your divorce and move through the process at a faster pace. 

1. Maintain trust

According to a survey conducted by SunTrust Bank, money is the leading cause of stress in relationships. Even if you are distrustful of your spouse and the way he or she handles money, try to maintain a positive relationship with your partner at this time. 

2. Set realistic expectations

You may expect to keep most of your wealth if you are the higher-earning spouse who has generated most of your assets. Illinois is an equitable division state, so a judge will be seeking to divide your marital wealth fairly during the property division process. Understanding this before you begin negotiations may prevent any unpleasant surprises regarding what you can keep following your divorce. 

3. Get creative with the settlement

Your divorce may involve complex emotional issues along with complicated financial ones. For example, if you have stock options that are not transferrable or only “vest” under certain circumstances, you may be able to keep these and give up comparable assets that are less appealing to you during the settlement. Be willing to divide assets creatively to protect your interests and stay open to doing this during direct negotiations with your spouse.