Most divorce lawyers do not have the skill set and diverse experience to be a High Profile Divorce Lawyer Bloomington IL. A lawyer must be proficient in much more than the usual family law issues to adequately represent clients with a high net worth who are well-known in the community.
Why A High Profile Divorce Lawyer Bloomington IL Needs More Diverse Experience
Many people pay close attention to high profile divorce cases because they involve recognizable figures in the community, the financial stakes are high, and local businesses can be affected by the outcome. So when everything is on the line and everyone is watching, you want the best lawyer on your side.
In a high profile divorce, common divorce issues such as asset division, alimony, child custody, and child support are obviously exacerbated. However, before diving into the specifics of these common divorce issues, it is important to understand why you need a lawyer with experience handling the unique issues in high profile divorce cases.
High Profile Divorce Cases Involve Several Complex Areas Of Law And Finance
If you or your spouse have significant assets, you need a high profile divorce lawyer Bloomington IL with extensive experience in (1) estate planning and tax law, (2) real estate transactions, (3) cryptocurrencies, and (4) discovering assets.
The intense financial impact of high net worth divorce cases often causes one of the spouses to do something sneaky. You need a lawyer with substantial experience in these other relevant areas of law and finance to protect you.
To fully protect your financial interests, your lawyer must be very knowledgeable with all the different ways your spouse could manipulate finances or engage in other deceitful conduct. You also want to hire a lawyer who can help you plan your financial future after the divorce.
Why Estate Planning & Tax Law Experience Matters For High Profile Divorce Cases
A high profile divorce lawyer Bloomington IL with estate planning and tax law knowledge can identify whether your spouse has used funds for trusts designed to avoid asset division in the divorce.
Also, after the divorce, you should revise your estate plan to exclude your ex-spouse.
This may be a good time to discuss tax strategies and rethink how you want to set up asset distribution, guardianship of your children, power of attorney, and healthcare directives in the unfortunate event that you pass away or become permanently impaired.
Your high profile divorce lawyer should also encourage you to meet with your financial adviser before, during, and after the divorce as well. There are obvious short-term impacts from a divorce, but some of the long-term consequences are not always clear. Proper planning can make a big difference.
Estate Planning and tax law are just the tip of the iceberg though.
Real Estate Knowledge Can Be Even More Important Than Estate Planning & Tax Law For High Profile Divorce Cases
Real estate can be a creative way to hide money in a divorce. People with a high net worth may be capable and motivated to set up and manipulate the use of limited liability companies (LLCs) and real estate deeds to move money around to avoid asset division in the divorce.
This becomes even easier if the person has family members or close friends who are willing to help. Most attorneys will only look at the available records for deeds, taxes, and the Illinois Secretary of State’s incorporation database.
But what if your spouse’s real estate and LLCs do not state his/her name on the deeds, tax records, or incorporation documents?
Discovering Hidden Assets Takes An Army
To effectively discover hidden assets, especially real estate and LLCs, you need a debt collection law firm. There are only a few law firms in Central IL who have the infrastructure in place to handle debt collection.
Most law firms lack the proper software, vendor relationships, privacy protocols, and other necessary resources. This infrastructure also cannot be created overnight.
A debt collection division requires thousands of dollars and hours to create. Most importantly, it requires years of experience, for which there is no short cut.
While years of experience is critical, you need a high profile divorce lawyer Bloomington IL who also keeps up with the modern trends. Otherwise, there could be new ways of hiding assets that your lawyer could miss.
Cryptocurrencies – The Modern Cesspool For Hiding Marital Assets
If you are not familiar with cryptocurrency, think of it as a new form of digital money with widespread applications and investment opportunities. Paying with cryptocurrency is similar to a credit card purchase or an ACH transfer in that you don’t physically see the dollars being transferred.
However, cryptos are much more private because they are not regulated by the government, credit card companies, or banks. Thus, there is significant opportunity for someone to move money into cryptos if they are trying to avoid asset division in a divorce case.
Regardless of your belief about the use, value, or sustainability of cryptocurrency, your high profile divorce lawyer Bloomington IL should be very familiar with these digital assets.
Your lawyer needs to know the purchasing platforms, how to discover cryptocurrencies your spouse may be hiding, and how to ensure those cryptos are included in the property distribution for your divorce.
So how do you find a high profile divorce lawyer Bloomington IL that is capable of protecting your interests?
There Is One Law Firm In Bloomington IL With Extensive Experience In All These Areas
Many attorneys who hold themselves out be to be a “high profile divorce lawyer Bloomington IL” lack experience in at least two of the areas described above.
Koth Gregory & Nieminski (KGN) is the only law firm in the Bloomington Normal area with significant experience in all of the areas of law discussed in this article. We know this because we have been practicing law in Bloomington IL since 1990 and are familiar with the other law firms in our community.
The lawyers at KGN have helped numerous people in McLean County with estate plans, tax strategies, and real estate transactions. KGN has also recovered over $100 million dollars for its creditor clients.
KGN is one of only a few law firms in Central IL with sophisticated asset discovery software, private partnerships with vendors, and the knowledge to find hidden assets quickly and accurately.
KGN also understands cryptos very well. KGN is familiar with the purchasing platforms (even the less notable ones), how to discover cryptos your spouse may be hiding, and how to ensure those cryptos are included in the property distribution for your divorce. KGN has used its experience in this area multiple times to find hidden crypto investments and transactions.
Hiring a high profile divorce lawyer Bloomington IL who has extensive experience with all the issues involved in a divorce case can make a big difference in the outcome of your case.
If you intend to file for divorce and have a lot of money and other investment property at stake, click here to schedule a consultation with a divorce lawyer who is best suited to handle your situation.
Common Divorce Issues Are More Intense In High Profile Divorce Cases
Our family law attorneys regularly handle all types of divorce and family law issues. Some clients specifically need a high profile divorce lawyer Bloomington IL for the significant assets they have accumulated over decades of marriage. Some clients also have minor or disabled children so custody and child support become focal points.
Asset Division
Step 1:
The first step of asset division is determining what is shared “marital” property versus what is considered each party’s “non-marital” property.
As a general rule in Illinois, property obtained before marriage is non-marital property, and everything obtained after the couple is married is marital property. However, there are several exceptions and grey areas.
One major exception is the existence of a prenuptial agreement. If you and your spouse signed a prenuptial agreement, then that document could govern a significant portion of asset division.
However, there are requirements for a prenuptial agreement to be valid and enforceable, so it is important to meet with an experience high profile divorce lawyer Bloomington IL to evaluate the enforceability of your prenuptial agreement.
One example of a grey area is a retirement plan obtained before marriage. This may not be completely non-marital property if there are non-marital parts to it.
Comingling assets can also create a grey area. For example, if you inherit money, but put it in a shared bank account, that comingles what would have otherwise been considered separate non-marital property.
Another gray area is the purchase of real estate by one spouse before marriage, but the other spouse does repairs, builds an addition, or pays for improvements to the property. The spouse who raised the value of the property through his or her efforts may be entitled to reimbursement.
Step 2:
The next step is determining how to divide their property equitably. Illinois is an equitable distribution state, meaning the court will decide how to divide the property fairly. This does not necessarily mean dividing the property equally.
It is a tedious task to determine what is equitable when dealing with valuation and allocation of businesses, retirement accounts, investment accounts, pensions, and cryptocurrencies.
The attorneys at KGN are fully prepared to assist you with even the most intricate property division matters. We use a sophisticated software program that assists our attorneys in calculating the value of the property involved and dividing it equitably to help secure what is rightfully yours.
Alimony
The term alimony is not used by lawyers and courts anymore. Rather, it is now referred to as “maintenance”. This is a major issue when one spouse was the primary income earner for the family, especially when the income is significant.
Child Custody
When a divorcing couple has children, determining which parent should be the primary parent is always an important issue, and usually the most important. Not only is the well-being of the children of utmost importance, but child support will greatly depend on how the child custody issue is resolved.
Child Support
The amount of support one spouse pays to the other to support the children is greatly affected by the parenting time, specifically how many overnights each parent has with the child. However, in a divorce involving high income from one of the spouse’s, the child support can be drastically screwed against the high income earner.
Regardless of which side of that fence you are on, it is important to hire a high profile divorce lawyer Bloomington IL to protect your interests.
Schedule An Appointment Through Our Website To Meet With A High Profile Divorce Lawyer Bloomington IL
Click here to schedule a consultation with a divorce lawyer at our firm who is best suited to handle your situation.
The law office of Koth Gregory & Nieminski is located in downtown Bloomington IL, but we also handle divorce cases outside of McLean County. We often represent clients in the neighboring communities of Peoria, Pekin, Pontiac, El Paso, etc. so we frequently go to court in Peoria, Tazewell, and Livingston County.
We offer appointments over the phone and via zoom so even if you are an hour away from our office in Bloomington, don’t let the distance bother you. Finding an experienced high profile divorce lawyer Bloomington IL who cares is worth it.
For more information to help you determine the best high profile divorce lawyer Bloomington IL, review the Related Topics below regarding divorce and other issues that may be involved in your case, such as maintenance/alimony, child custody and visitation, and child support.
Related Topics:
10 Best Divorce Lawyers Bloomington IL | Divorce & Family Law | How Do I Know If My Spouse Is Hiding Money | What Is Marital Property Versus Non-Marital? | Divorce Lawyer Bloomington IL | KGN’s Initial Consultation Fee & Process| Cannot Afford A Lawyer? | Is There Still A Chance To Salvage Your Marriage? | Child Custody Lawyer Bloomington IL | Child Support Lawyer Bloomington IL | Family Law Attorney Bloomington IL | KGN Estate Planning | Best Lawyers Bloomington IL
