Chicago Divorce Attorney for Wealth Protection

Lawyers Helping Protect Family Assets and Wealth in Cook County and DuPage County

Financial issues are often some of the most complicated and difficult matters to resolve during the divorce process. This is true for any couple, but those who have a high net worth or who come from wealthy families are likely to be especially concerned about making sure their assets will be protected. By working with a skilled attorney, you can protect your family's wealth during the divorce process and beyond.

The attorneys at Weiss-Kunz & Oliver, LLC provide dedicated legal representation in divorce and family law cases, and we have the experience you need to help you protect yourself financially. We will work with you to address your concerns about the assets you own, and we will help you understand the best steps to take to achieve a positive outcome to your divorce. While we can help negotiate a settlement that will meet your needs, we are prepared to take your case to court and advocate for your interests in divorce litigation.

Addressing Complex Assets and Multi-Generational Wealth

Any property acquired by you or our spouse during your marriage must be equitably divided during the divorce process. Any assets you owned before getting married or inheritances you have received may be considered non-marital property. However, families often own multiple types of complex assets that can make the property division process much more complicated. These may include:

• Business interests - Entrepreneurs or business owners may have established one or more family businesses that support multiple family members, friends, and other employees, and keeping these businesses intact may be a primary concern during divorce. Even if a business was founded before the marriage, if the company increased in value during the marriage, or if marital efforts were invested in the growth of that business, some or all of its assets may be considered to be part of the marital estate.
• Professional practices - Doctors, lawyers, chiropractors, therapists or other professionals may have built thriving practices, and they will want to determine how to protect these businesses and continue working in their chosen fields.
• High incomes - Corporate officers or shareholders may need to address complex forms of executive compensation, bonuses, stock options, and retirement benefits during divorce. Celebrities and public figures may also need to determine how large amounts of income will affect the divorce process.
• Family money - Wealthy family members may intend to pass assets down from generation to generation and protect these assets from both creditors and divorcing spouses. Determining how to divide trusts and estates during divorce is often a major concern of people with generational wealth.

Wealth Protection Methods

Even though certain assets owned by you or your family members should not be considered part of your marital estate, there are steps you can take to ensure that they remain non-marital property. These include:

• Prenuptial or postnuptial agreements - When you create and sign a prenuptial agreement before getting married, you can make decisions about how your property will be divided in the event of a future divorce, or you can specify that certain assets will be considered non-marital property. Similarly, a postnuptial agreement can be created and signed at any time after you are married. This can be helpful if you gain significant wealth or assets during your marriage or if you start or acquire a business. A prenup or postnup can also be used to set aside assets for your family members, such as children from a previous marriage, ensuring that they will receive these assets if your marriage ever ends.
• Asset protection trusts - To ensure that non-marital assets do not become intermingled with marital property, they can be placed in a trust. This will take assets out of your control and place them in the control of a trustee, with instructions for how to distribute the assets to beneficiaries, which may include you, your children, or other family members. Asset protection trusts can be used for non-marital property owned before your marriage or for property acquired in an inheritance.

Contact Our Elmhurst Divorce and Wealth Protection Lawyers

If you or your family own significant assets, you can take steps to protect your wealth and ensure that your family members are provided for. Ideally, you will want to address these issues before divorce ever enters the picture, and preferably before you get married. However, we understand that this is not always possible, and if you are concerned about the protection of your family's wealth during your divorce, our attorneys can provide the legal help you need. We will work with you to determine the best strategy for achieving a positive financial outcome to your situation while aggressively advocating for your interests throughout the course of your case. Contact us today at 312-605-4041. We represent divorcing spouses in Park Ridge, Chicago, Lincolnwood, Skokie, River Forest, Elmhurst, Oak Brook, Burr Ridge, Hinsdale, and throughout DuPage and Cook Counties.