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How to prepare for a high-asset divorce

| Mar 24, 2021 | Divorce |

When you’re preparing for divorce, it’s important to be aware that the process could be especially complicated if there is substantial money involved. In a high-asset divorce, it is common for one spouse to be more financially prepared for the dissolution of the marriage. Working with an Illinois lawyer might help ensure that you don’t leave money on the table when you walk away from your marriage.

What to expect during divorce proceedings

Lawyers and financial advisors often see that one spouse has power over the finances. If one spouse is saying that their husband or wife doesn’t need to know what is going on with the money or doesn’t care about finances, this may be a sign that the spouse with financial control won’t play fair in the divorce.

When the divorce proceedings start, the courts should ensure that both parties are on a level playing field when it comes to finances, but it doesn’t always work that way. Financial advisors and lawyers may assist in this process by helping the couple with divorce pre-planning. While one financial advisor can work with both spouses, it may be best for one spouse to get a separate financial advisor for additional protection if necessary.

Both spouses should have equal financial power

The financial advisor will run into difficulties when facilitating the divorce if one spouse wants to have control of the family money. If one partner stops the other from accessing the family money, the party without access may not have the power to properly negotiate financial terms in a divorce.

Unfortunately, it is possible for a spouse to end up without the money to hire an attorney during the divorce. This might cause people to settle for much less than they deserve, especially if the other spouse was the only one earning money in the marriage.

Hiring an experienced family law attorney during a high-asset divorce may help clients get the compensation they are entitled to once their marriage has ended. An attorney may help ensure that their client avoids common pitfalls and works to secure a fair outcome.