How Do High Asset Divorces Differ From a Typical Illinois Divorce?

 Posted on February 28, 2023 in Asset Division

Divorce is a complicated and emotionally fraught process, but for couples with a high net worth or who have high-value assets to divide, the divorce process can be even more complex. Careful planning is often necessary to ensure that both partners have access to relevant financial information so that an equitable asset division can be arranged. Furthermore, even issues that are not related to asset division, such as child support, can be affected by exceptionally high incomes. If you are in the beginning stages of divorce and are looking for help from a great team of highly experienced high net worth divorce attorneys, read this blog for a brief overview and then contact Goostree Law Group.

High Net Worth Asset Division

Illinois law requires assets to be divided fairly, but not necessarily equally. Because the question of what constitutes a “fair” asset division is highly subjective, couples should try to create a financial agreement of their own before approaching a judge for help. A fair division will consider each party’s contributions to the marital estate, including non-monetary contributions like child-rearing and housekeeping.

High net worth couples often have prenuptial agreements protecting certain assets from the asset division process, but this does not necessarily guarantee that there will be no disagreement over whether, for example, a piece of property owned by one partner but lived in by both during the marriage is marital or private property. All premarital agreements should be checked for validity and fairness.

These factors, in addition to other factors common to high net worth divorces (such as business ownership, bonus income, and significant disparity between parties’ incomes), can make the asset division process take much longer than a typical divorce. Couples should be prepared to work diligently at reaching an agreement whenever possible so negotiation or litigation does not drag out interminably.

Child Support and Alimony

In typical divorce cases, both child support and alimony are typically determined using a standard formula that can be somewhat flexible (such as the case of a child who has medical needs that require additional support). However, in high net worth cases, there may be significant deviation from standard formulas, making both child support and alimony agreements difficult to predict when they come from a judge. Again, both parties tend to benefit from reaching an agreement on their own, and, as long as a judge approves of the agreement, divorcing couples can be as flexible as they wish.

Contact a DuPage County High Net Worth Divorce Attorney

Getting ready for a high net worth divorce requires extensive planning before the filing process even begins. Get the help you need when creating a divorce strategy that suits your goals and priorities by calling Goostree Law Group’s team of experienced Wheaton, IL high net worth divorce attorneys. We offer complimentary confidential consultations and two convenient locations. Call 630-364-4046 today.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ChapterID=59&ActID=2086