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High Net Worth Divorce Lawyers
Table of Contents
Committed to Protecting Your Assets
You earned it. Our experienced high net worth divorce lawyers will help you keep it. Keep your hard-earned assets safe with Merel Family Law: Your peace of mind begins with a simple, confidential, and straightforward conversation.
Divorce isn’t easy and becomes more complicated when it involves substantial marital assets, high incomes, family businesses, property disbursements, retirement benefits, investments, and more. Without specialized, knowledgeable, and rigorous representation, you risk losing everything you’ve worked so hard to earn. So, whether you seek your fair share of your spouse’s assets or you want to protect your assets, you’ve come to the right place.
But fear not, because for over two decades, our divorce attorneys – all of whom specialize in high net worth divorce cases – have helped thousands of our clients – people just like you – successfully navigate through the complicated process so today, they’ve moved on happier and financially healthier.
That’s right, we’ve helped our clients retain millions in assets… and we’d like to do the same for you.
How is High Net Worth Divorce Different?
A high net-worth divorce must follow all the same rules as a regular divorce, but there are more tools available to settle claims. Private mediation is available for high-net-worth individuals that can afford the time and expense up front versus the long slog of litigation. Mediation is required and a free service in Cook County for any parenting issues, but financial mediation is not required and is never a free service. The best settlements are often reached in financial mediation since both parties have more of a stake in the litigation. In litigation, you take your changes with a judge ruling on issues and often judges make rulings that leaves no one happy.
Additionally, high-net-worth divorces can take advantage of experts that are often time-consuming and therefore expensive. A recent development in Illinois law is the use of an independent financial expert that serves as the judge’s own witness. This person can be a neutral for discovery, investigating financial claims and making neutral recommendations to the court. If either party disagrees with the court’s expert, they can always retain their own expert to critique or rebut the financial neutral.
Taxation on Capital Gains
Capital gain is the increase in value of an asset from when you sold it versus when you bought it. For example, if you bought a house for $500,000 and then sold it for $600,000, the capital gain would be $100,000.
Capital gains taxes must be paid on that capital gain, and there are two types of taxes: 1) short-term capital gains tax for assets held for one year or less, and 2) long-term capital gains tax for assets held more than one year. Short-term capital gains are taxed at your normal income tax bracket, while long-term capital gains are taxed at 0%, 15% or 20% depending on the total number of gains in one year. In 2024, it was 0% up to $47,025, then 15% up to $518,900, and 20% for anything over $518,900.
Why Trust Merel Family Law to Handle My Divorce?
Our clients demand and deserve world-class legal representation, and they won’t settle for anything less. So, we prepare for every scenario, collaborate when it makes sense and fight like hell when it doesn’t. You’ll have peace of mind knowing we will never push you into a lengthy, costly and unnecessary court trial. However, we will use all legal remedies to protect your rights. We are available to be reached 24/7 and have offices in Downtown Chicago, Hinsdale, Highland Park and Detroit, so we’re easy to get in touch with in-person or otherwise.
Here’s what you should know about us:
- We don’t believe in ordinary
- We’ve worked hard to earn our reputation
- We believe in “winning” as painlessly as possible
- We’ll help you avoid unnecessary litigation
- You’ll receive seasoned support
- You can reach us easily
- Meetings with your attorney are easy and convenient
“I had the privilege of working with David Zwaska and Laude Hartrum, and I couldn’t be more pleased with the quality of legal representation I received. From the very beginning, David and Laude were incredibly attentive to all my needs. They communicated with me consistently, ensuring I was always informed and reassured during what could have been a very stressful time. Their responsiveness was remarkable — every question I had was answered in a timely manner, and they made sure to address any concerns I had thoroughly. Throughout the process, David and Laude made me feel confident that my best interests were their top priority. Thanks to their expertise and dedication, I was able to gain full custody of my children and avoid any maintenance obligations. I highly recommend David Zwaska and Laude Hartrum to anyone in need of excellent legal representation. Their professionalism, communication, and commitment to my case made all the difference.” – David M.
Fair and Favorable Alimony Resolutions
The game changes when handling alimony in high asset divorce cases. When the combined gross income of the household exceeds $500,000, the court decides on the amount of spousal maintenance instead of using simple calculations. The court will consider these factors when awarding alimony:
- Income, assets, and debts of each party
- Current and future income-earning capacity
- Constraints on earning capacity like lack of education
- Duration of marriage
- Standard of living during the marriage
- Child custody and parenting time arrangements
- Age and health of each party
- Tax consequences of each party
Additional Services Provided by Our Divorce Lawyers
Begin Your Dissolution of Long-term Marriage
Deciding to divorce your spouse is always difficult, and it can be even more complicated the longer you are married. While alimony is always considered when one spouse has a significantly higher income than the other, it is paid out longer for couples in long-term marriages. You can trust our seasoned divorce attorneys will fight for a fair and favorable resolution.
Protect Your Business During a Divorce
Unique risk factors come with a high-net-worth divorce involving business ownership. If you own a business with your spouse, it will require professional evaluation. It is vital to consider the far-reaching tax consequences of splitting a business. Luckily, our divorce lawyers have considerable experience with handling these financial complexities.
Appeal Unjust Divorce Court Decisions
Unfortunately, divorce is not guaranteed to end in your favor, but there is hope to make it right. You can appeal court orders due to legal mistakes, courtroom oversights, or miscalculations. We will build your appellate case to make sure it lives up to the new required preparations, procedures, and scrutiny bound to happen during the process.
Guiding You Through Each Phase of Divorce
Terminating a marriage or civil union is complex, anxiety-inducing, and undoubtedly distressing. The skilled and assertive divorce attorneys at Merel Family Law are dedicated to providing you with unwavering support throughout the process.
Why Clients Partner with Merel Family Law
At Merel Family Law, we specialize in providing legal services to our clients in all aspects of divorce and family law. What we do is only half of what sets us apart from other divorce firms in Chicago and Detroit, though. How we do what we do is just as important.
Testimonials
“I can’t say enough about the Merel Family Law team and, more specifically, Josie Norton. Josie was knowledgeable and professional, and her guidance and expertise through such unfamiliar territory were unmatched. Josie was patient with my abundance of questions and always made me feel like my case was a priority. I was much more confident knowing Josie was advocating for myself and my child. I would highly recommend Josie to anyone in need!” – Emily K.
“Jaclyn has been my attorney for my divorce as well as my year-long custody battle. She was great at keeping me well informed of all possible scenarios as well as explaining all the forms and steps taking place. Jaclyn knew what was in the best interest for my child and I. She put up a hard fight when needed to. If any other issues come up in the future I will most definitely be giving her a call again!” – Ashley Z.
We Are Here to Help with the Challenges of High Net Worth Divorce.
No matter the issue, we’re here for you. Contact us at (312) 408-7000 or fill out a contact form by clicking the “Schedule a Consultation” button at the top of this page. We monitor our inboxes and answer the phone 24/7 to get you the help you need, when you need it.
Frequently Asked Questions
Unfortunately, there is not a clear and concise answer. Divorce cases can be over and done in a week or go on for several years. Generally speaking, the more conflict, the longer the case will take. It all depends on the situation at hand. Factors such as child custody issues, delays in discovery production, the need for business valuations, unreasonable lawyers/parties or other involved parties, or complex finances can make the process last longer.
Time is of the essence in this situation. As the Respondent in an Illinois divorce, you will have 30 days to file an Answer to the petition and file your Appearance. It is in your best interest to hire an experienced divorce attorney as soon as possible. They will handle all court filings, communicate with the opposing counsel, collect your financial information, and advise you on the appropriate steps to take as your case proceeds.
While documents are not necessary to commence the case or file an Answer to the Petition, it is always smart to start gathering recent financial documentation such as the following:
- Recent paystubs and W-2s
- Recent utility bills
- Recent mortgage statements
- Statement for any ongoing loans
- Secured debts
- Medical and health insurance bills
- Bank, savings, and investment statements
- Retirement and 401(k) information
- Life insurance policies
- Three or more years of tax returns
- Detailed list of common child-related expenses
- Approximate monthly family budget
- Get a P.O. Box
- Change your passwords
- Lock down your social media accounts
- Consider opening a new financial account (but check with your attorney before doing this)
A Chicago court handles property division in several ways. For business, real estate, and other assets that require valuation, each party can hire an expert to value them. The court can also appoint its own independent financial expert who can value assets, as well as analyze tax returns, a party’s income, and other important financial considerations. We’ve seen this happening more and more in cases, and it avoids the “battle of the experts” that plagued litigation in the past. The court can also send the parties to private mediation with an experienced financial mediator, such as one with an accounting or business background. The financial mediator will review the financial document submitted by the parties and their attorneys and then help bridge an agreement on the issues.
In deciding how to divide the assets and debts, the court will look to each party’s contribution to acquiring the assets, such as whether one party developed a business and worked that business during the marriage. That person has a good argument for receiving more than 50% of the asset. However, if the other spouse contributed to the marriage as a homemaker while the first spouse worked, that is an argument for more of an equal division of the asset. As another example, the court will look at the duration of the marriage. The longer the marriage, the more that the assets can be divided more equally, especially if one person devoted time as a homemaker and raising children. As a final example, if any of the assets were acquired through inheritance or gift from family members, those assets cannot be divided by the court. The spouse who received the inheritance or gift receives those assets 100%.
To protect assets in a high net worth divorce, a person should make sure that any inheritance or gifts are properly segregated in a separate account, not a joint account. Under the law, any inheritance or gifts received during the marriage are non-marital as long as you don’t commingle them with other assets or put into a joint account. Also, it’s best to put assets into a Trust to avoid probate in the event of either spouse’s death. You don’t want your children or other heirs to have to deal with probate court. Finally, a person should meet with a financial advisor or accountant to make sure their assets are adequately protected and utilizing any available tax benefits.
If anyone fails to disclose assets during a divorce and the other side discovers them, there are serious consequences. In any divorce in Illinois, each spouse must fill out a standard Financial Affidavit form that certifies it is an accurate list of all assets. It is signed under penalties of perjury. If the other side discovers an asset that was not disclosed on the affidavit, the person who hid the asset would likely be sanctioned by the court. Besides losing credibility with the judge and the other attorney, the person who failed to disclose the assets could be sanctioned to pay attorney’s fees or even a monetary fine. In very rare cases, a person could be prosecuted for perjury. To protect against this, we often include a penalty provision in our settlement agreements that if any undisclosed asset is later discovered, the spouse who hid the asset must pay 60% of the value at the time of Judgment to the other spouse. The incentivizes people to disclose all assets during the divorce.
Written By Jonathan Merel
Jonathan Merel is an experienced attorney who advocates for his clients in all divorce and family law proceedings, including settlement negotiations and trials. Jonathan founded Merel Family Law in early 2009 after working for many years at another family law firm in Chicago.
