How Are Child-Related Issues Different in a High-Asset Divorce Case?

 Posted on June 07,2023 in Family Law

High-asset divorce cases are divorce cases involving significant wealth. These types of divorces are often much more complicated than a typical divorce. Property division, spousal maintenance, and other financial issues are often a significant source of this complication. However, child-related issues can also be difficult to handle in a high-asset divorce.

Maintaining a Child’s Lifestyle

In high-asset divorces, children often expect a certain standard of living because of the family's financial resources. The child may attend a private school, receive one-on-one tutoring, or participate in expensive extracurricular activities. Illinois courts seek to preserve a child's standard of living and avoid divorce consequences that negatively impact the child. After all, divorce is between the adults, not the child.

Child Support in High-Asset Divorce Cases

Many divorced parents are subject to a child support order. The parent with the lesser share of parenting time is typically required to pay child support to the parent with a greater share of parenting time. In most cases, child support is determined by a calculation involving both parents’ income. However, the typical calculation method may not be appropriate for situations in which parents make especially high incomes. Courts have the discretion to deviate from the child support guidelines and consider additional factors when determining an appropriate child support payment amount in these cases.

Hidden Assets and Income

Financial fraud can occur in any divorce case. However, spouses with significant assets often have greater opportunities to hide wealth. A parent who wishes to reduce his or her child support obligation may lie about how much money he or she makes, hide funds in offshore accounts, or undervalue assets.

Due to the complexity of high-asset divorces, financial experts such as forensic accountants or appraisers may be needed to assess the true income and assets of each spouse.

Parenting Time and Parental Responsibilities

As with any divorce case, Illinois courts make child custody decisions based on what is best for the child. In a high-asset divorce case, there may be additional complications to consider when determining the parenting plan. For example, if one parent frequently travels outside of the country for work, the parenting time schedule will need to account for this.

Parents may have multiple residences or vacation homes they move between. Parents may also relocate more often because they have the financial means to do so. A comprehensive parenting plan will need to take factors such as these into consideration.

Contact Our DuPage County Divorce Lawyers For High-Asset Individuals

With additional wealth often comes additional complications during a divorce. Fortunately, our Wheaton high-asset divorce lawyers are here to help. We understand the unique difficulties associated with high-asset divorce and are equipped to provide the legal representation and guidance you need. Call our office today at 630-364-4046 and set up a consultation to learn more about our services and how we can help you.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k505.htm