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Rockford Divorce Lawyer James Teeter

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High Net Worth Divorce Attorney & Complex Asset Division Lawyer

Divorce in Illinois is about more than the Court simply issuing a declaration that you are no longer married.  If you have been married for any length of time, you have undoubtedly acquired assets and debts together, and you may have each brought assets and debts into your marriage.  You may also have a vacation home or business that needs to be divided.

To further complicate matters, if you are from a high net worth or high-income household, your divorce will likely involve challenging financial obstacles, particularly those including determining the fair market value of significant assets.  If this is your case, then you will benefit from representation from a high net worth divorce lawyer who can tenaciously fight to protect your hard-earned assets and rights.

If you are contemplating divorce or have been served with divorce papers and have significant assets, I encourage you to call my office immediately to schedule a free consultation to learn how I can zealously advocate for the best possible outcome. I also invite you to read the following frequently asked questions (FAQs) to learn more about the unique aspects associated with high-income divorces.

High-Income Divorce FAQs

The Illinois Marriage and Dissolution of Marriage Act (the “Illinois Divorce Act”) typically controls how assets and debts are divided in an Illinois divorce. Dividing the marital estate is not always easy.

Assets must first be identified, valued, and categorized as either marital or non-marital assets. In many cases, spouses do not realize how valuable certain assets are, such as pensions.  Property division can be even more complex when certain issues such as 401K’s, taxes, home equity, gifts, inheritances, closely held businesses, and various forms of debt are involved.

Debts must also be divided or allocated among the spouses.  While each spouse is naturally concerned about getting their “fair share” of the assets, spouses typically do not share this same enthusiasm with the division or allocation of debt.  The fact is that this debt must be apportioned in some fashion between the parties, just like assets must be divided.  The division of debt is important, as it will affect the legal obligations of the spouses to be liable for the debt.

Illinois property division laws direct the Court to equitably divide the marital estate. However, Equitable Distribution does not necessarily imply equal. No matter whose name marital assets are titled in, you deserve your fair share.

If you or a spouse have assets valued in excess of one million dollars, your separation would be classified as a high net worth or high-income divorce. High-asset divorces involve many of the same concerns as other divorces, such as child custody, child support, and spousal maintenance. However, the existence of a high-income or high-value assets can compound these issues, especially when tax matters are taken into consideration

High-income divorces and separations often involve the division of businesses, properties, professional practices, retirement plans, and substantial other assets. Because of this, significant and comprehensive documentation is typically required so that the courts can fully understand and appreciate the financial situation of both parties. Such documentation and matters may involve:

  • Business Ownership (including professional practices)
  • Individual Retirement Accounts (IRAs)
  • Pension Plans
  • Stock (including restricted stock)
  • 401(k)s
  • Assets
  • Prenuptial Agreements
  • Real Estate Holdings
  • Taxes
  • Bonds
  • Investment Properties
  • Professional Licenses
  • Bank Accounts

If an individual has a sizeable income or significant assets, it may be critical to draft a prenuptial agreement to help protect such assets and/or an inheritance from division during a divorce. If a high-net-worth individual is already married, it is not too late to put protections in place, however. In such cases, a postnuptial agreement can be drafted, which functions in virtually the same capacity as a prenuptial agreement.

While it can be difficult to suggest a prenuptial or postnuptial agreement to a partner or spouse, if you have significant assets, it is in your best interests to take advantage of all beneficial legal protections in seeking to secure you and your family’s future. Executing a prenuptial or postnuptial agreement may provide the peace of mind you need and deserve.

Emotions are Running High, You Feel Stressed and Want the Divorce Over – I Understand.

When facing a divorce, many spouses are angry, hurt and driven more by emotions than rational thinking. Because there is life following divorce, we help clients focus on their future (and the future of their children).  While getting past the emotional aspects of a divorce may take some time, we help bring resolution to the immediate financial and custody matters. You need peace of mind. There is help.

How We Help Reduce Your Stress and Ensure You Get Your Fair Share

We can help reduce the stress of your divorce by taking on the full responsibility for understanding what assets and debts comprise your marital estate and developing a comprehensive plan for getting you your fair share.

We start by understanding the facts. We gather documents and ask the right questions to accurately assess the financial situation of your marriage. It is our duty to uncover issues you may not have thought to raise.

We know how to find hidden assets, fairly value assets, and compile financial information and explain it to you. You do not need to be a detective or an accountant. We can help.

No Matter What Your Property Division Issue Is – Contact Us

When the financial stakes are high and your future feels uncertain, you need an Illinois Divorce Attorney you can trust. You will receive straightforward and honest advice from our office. If your spouse is willing, we will avoid unnecessary adversity. If your spouse is not willing, we will represent you aggressively to protect your rights.

We can handle all aspects of the Property Division of your divorce. Call today to schedule a free consultation to learn how we can seek to protect your rights, assets, and livelihood.

If you would like to read more now, click on any of the following links:

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Ask Our Clients

Jim has been a huge help throughout the whole process. He has been a great source of knowledge when things were tough for the family. His interests are purely to help others. Things aren’t always easy or even cut and dry for families going through major changes. Jim provides a friendly face and a warm hand through such difficult times. Sometimes we all need someone to help us see beyond the turmoil. He doesn’t cut corners, he’s available at most times, and he works on each case with passion and care. I highly recommend Jim for any of your family matters that need that extra care. Especially with the quality of work and attention to detail that he provides.

Brian K., Pecatonica, IL (2023)
5.0
Father Daughter

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Attorney James O. Teeter, Jr. speaking with client. Attorney James O. Teeter, Jr. speaking with client.

Family Law Attorney James O. Teeter Jr.
With 25+ Years of Legal Experience
is Here to Represent You!

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(Available for Most Cases)

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We’re sorry, we are not a Pro Bono or Legal Aid office. This is a free no-obligation phone consultation, but we do charge for our services, if you decide to hire our Attorney.

Submission of information through the contact form does not create an attorney-client relationship, so please do not submit any confidential information. If we are to serve as your attorneys, all fees and the nature of our representation will be set forth in a written agreement.

$199 CONSULTATION

Your 1st Hour for $285 – ONLY $199.00, PLUS 30-Minutes FREE (1.5 Hours) with No-Obligation
In-Depth Discussion of Your Specific Situation and Potential Strategy for Your Success

Type of Case:*
Illinois County Case in:*

Submission of information through the contact form does not create an attorney-client relationship, so please do not submit any confidential information. If we are to serve as your attorneys, all fees and the nature of our representation will be set forth in a written agreement.