Anyone who has been through a divorce or is currently in the middle of divorce proceedings would likely agree that finalizing a divorce can be a complicated and contentious feat. When substantial assets and high net worth are involved, the complexities and conflicting opinions can increase exponentially. If you are facing a high-asset divorce in Illinois, there are steps you can take to make the process as smooth as possible and help you to achieve a successful settlement in the end.
Identify and Organize All Assets
While building a comprehensive list of all of your assets may not be the first thing that comes to mind at the onset of a divorce, identifying and organizing all assets as soon as possible is incredibly important. It is also important that you are completely transparent when creating this list. If it is discovered that assets are being hidden, it can have a detrimental impact on the determined settlement that one receives. This includes attempting to liquidate, devalue, or transfer ownership of any assets.
Take the time to build an inventory of your property ahead of time. It is also recommended to make copies of documents and records as these may be unavailable when divorce proceedings begin.