Key Insights for High Asset Divorce and Child Custody Battles

 Posted on August 21, 2023 in Divorce

Divorce and child custody disputes involving high asset parties present unique challenges not found in typical cases. Important insights can help individuals navigate these complicated situations. This article provides key information for those involved in high asset divorce and child custody cases.

Gather Extensive Financial Documentation

Thorough financial records are imperative in high asset divorce cases. Tax returns, bank statements, business financials, property appraisals, and any documentation related to substantial assets should be collected as early as possible. Complete and organized financial information allows for proper analysis and strategy when developing settlement proposals and arguments for equitable distribution. Be sure to gather documentation on all assets, debts, expenses, and any other financial records that may be relevant.

Be Prepared For Lengthy Proceedings

High asset divorce and child custody proceedings often take much longer to resolve than typical cases. Significant time is needed to account for all assets fully, have experts determine valuations, and negotiate equitable division agreements. Custody factors also require extensive evaluation when substantial assets provide more options and considerations for children's needs. Parties should be mentally and financially prepared for the strong possibility that contested high asset divorce and custody cases could take well over a year or more before final resolutions are reached.

Prioritize Children's Interests

In high asset child custody disputes, parents must make their children's best interests the number one priority. More options and specifics factor into custody arrangements when substantial resources are available. Keeping disagreements away from children, allowing frequent and meaningful contact with parents, and making kids feel safe and secure should be the primary factors driving all custody discussions and determinations between the parties. Parents must carefully separate their spousal disputes from their children's needs completely.

Be Reasonable

It is in everyone's best interests in high asset divorce and child custody cases to remain reasonable in their positions and expectations regarding division of assets and custody arrangements. Unreasonable demands will only lead to impasses and increased hatred, which ultimately benefits no one in the long run. Maintaining realistic perspectives on equitable division of assets and fair time-sharing and decision-making with children is critical.

Contact a DuPage County Family Law Attorney

The complexities of high asset divorce and child custody disputes make hiring an Illinois divorce lawyer essential. Call Goostree Law Group at 630-364-4046 for a free consultation to receive guidance on your journey. You don't have to navigate this path alone.

Source: 

https://www.illinoiscourts.gov/forms/approved-forms/forms-circuit-court/divorce-child-support-maintenance

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=8300000&SeqEnd=10000000

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2497&ChapterID=59