High Net Worth & Net Asset Divorce
These practice area statements are provided by Attorney G. Edward Murphy and represent his thoughts on practicing law after having 30 years experience doing so in family law. They are not legal advice. They are a general overview of the law and his opinions on how they generally apply in divorce cases in Illinois. Each and every case is different. To learn more, and to see if the attorneys and staff at Murphy & Dunn, P.C. can help you, please contact G. Edward Murphy and schedule your free initial consultation.
When people of significant means divorce, asset protection, property division and protecting net income become compelling concerns. Some high-net worth couples stay in a miserable marriage just because they cannot face the prospect of dividing their complex marital assets or losing the high income they are used to sharing.
G. Edward Murphy and the team of divorce lawyers at Murphy & Dunn, P.C.are experienced in representing clients with significant marital property holdings and high net income. We can help you determine which assets are marital assets and which are non-marital separate property. We can properly divide up those assets, taking into consideration all of the tax consequences associated with same.
Our team of attorneys and paralegals will work to evaluate and divide assets that may include:
- Multiple residences and other real estate holdings
- Stocks, bonds and other investments
- Bank accounts and other funds on deposit
- Life insurance policies
- Retirement assets, such as 401(k) plans, 403(b), SIMPLE and SEP Plans
- Businesses, including partnerships and family-owned businesses
- Vehicles, from cars to boats to aircraft
- Jewelry, art collections and other items of significant value
All assets must be properly documented and evaluated. We work with respected professionals who are skilled at asset evaluation, including business evaluations. We may also work with a forensic accountant or actuary to determine the source of certain assets and how much they have grown in value over the course of your marriage. We make sure our client gets his or her fair share of the overall marital estate, including all marital assets and sources of income, assets from the receipt of commissions, pensions, life insurance policies and tax refunds, as well as items that may not be received until after the marriage is terminated.
High income cases are especially problematic and require the experience we have at Murphy & Dunn, P.C.
At the end of the day, it is that experience that will make the difference between simply dividing up you assets and reaching a settlement or receiving a litigated distribution worth substantially more. Your choice of attorney makes all the difference and Attorney G. Edward Murphy and his team of attorneys have the experience and knowledge to obtain the best result possible.
For further information, please fill out our Contact Us form, e-mail us at firstname.lastname@example.org, or call us at 309.674.5551 to schedule your free initial office consultation at either of our two convenient office locations.