Divorce is a long and demanding process, but can get even more complex for high net worth couples. Unlike traditional divorces, high net worth couples must resolve issues dealing with complex taxation, support obligations, tracing of assets including offshore and international accounts, and valuation of businesses and other properties.

The following factors will help you prepare for what you might experience within your high net worth divorce:

1.    More assets, more to divide. Prior to your divorce, it is important to gather all tax (tax returns, W-9’s, I-9’s), financial, and property/asset documentation regardless of your knowledge on the subject. Documents tend to get lost after the divorce has already been filed, making this process more difficult and could put you at a disadvantage in divorce negotiations.

A couple experiencing issues may agree to separate for a period of time rather than make the decision permanent by filing for divorce. Although legal separation and divorce are two very different things, they both affect you, your spouse, and your future.

The Illinois Marriage and Dissolution of Marriage Act - Legal Separation

According to Illinois law, any person living separate and apart from his or her spouse may have a remedy for reasonable support and maintenance while they so live apart. This is known as legal separation. Even though you and your spouse are separated, you are still married and can remain married until either of you see fit.

Couples file for separation for reasons such as:

According to the National Institute of Mental Health, nearly one in five U.S. adults live with a mental illness, and approximately one in 25 adults in the U.S. (11.2 million) experiences a serious mental illness in a given year that substantially interferes with or limits one or more major life activities. One of these major life activities may be divorce, adding to the complication of the situation.

The Illinois Marriage and Dissolution of Marriage Act

Filing for divorce is not an easy process. When filing, you may take one of two options: filing with “grounds for divorce” or “no-fault.” However, unlike most other states, a spouse’s mental illness isn’t grounds for divorce in Illinois.

As of the change in 2016, The Illinois Marriage and Dissolution of Marriage Act, Illinois is now a no-fault divorce only state, meaning that all fault-based grounds have been eliminated, and a claim of irreconcilable differences (an irretrievable breakdown of the marriage) is the only way to legally file. Although a mental illness issue or impairment cannot be the reason to file for divorce, it may affect the outcome of the divorce.

It is well-known that divorce is extremely common in today’s society. The phrase “50% of marriages end in divorce” can make many people hesitant to say “I do”. For a period of time, divorce rates were on the rise. However, CDC data comparing divorce rates from 2000 to 2017 reveal that the divorce and annulment rate has reduced from 4.0 per 1,000 people in 2000 to 2.9 per 1,000 people by 2017. One of the best ways to keep this trend on the decline is to be aware of the common causes of divorce and avoid these triggers.

Financial Difficulties

Feeling financially unstable can add stress to a relationship and cause unrest, making it difficult to “enjoy the little things”. Couples that struggle with finances can struggle to think of anything other than the impending bills. This is often more common with younger couples struggling to get by on small paychecks. Ensuring financial stability is impossible for any couple, but remaining conscious of what is coming in and how much is going out can be beneficial for your stress-level and your relationship.

Domestic violence cases occur when a member of your household has been physically struck, threatened, or harassed by an opposing house member. Thoughts of domestic violence cases usually depict a husband abusing his wife; however, victims or abusers can be any household member. Thankfully, a lot of marriages that are linked to domestic violence issues often end in divorce. Before a dissolution of marriage is filed, there are certain precautions and considerations that should be taken to help avoid the situation from escalating. Working with a skilled divorce attorney could expand your knowledge of how the legal system can help when divorcing an abusive spouse.

Request an Order of Protection

For victims of domestic abuse, a judge can provide a temporary court order that would restrict the abuser from having access to the victim. In general, an order of protection would be able to: