Blog

Five Ways an Illinois Divorce Changes with High Net Worth

Illinois divorce attorney, Illinois family lawyer, IL child custody lawyerDivorce 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.

2.    Your divorce will be more expensive. Since you and your spouse have more assets, and more to divide, you two will be spending much more time with your attorneys than in a traditional divorce to reach a fair and agreeable division.

3.    A settlement/agreement will likely not be reached quickly. More assets, more to divide, more time involved in reaching an agreement. All of this tends to lead towards a long, back-and-forth battle between you and your spouse either inside or outside the courtroom.

4.    The standard spousal support/maintenance and/or child support payment formula may not apply. Illinois has a standard formula for child support and spousal support payments. However, that traditional formula may not apply to you and your spouse. The court will ultimately decide how much monthly payments for child support and/or spousal support will be based on income and other additional factors.

5.    Hidden assets could come into play. In high net worth divorces, it is not uncommon for partners to hide property, assets, and money from their spouse. If your spouse is found to have hidden assets within your divorce, certain circumstances within your case such as child support, spousal support, and property/asset division could be affected.

Contact a DuPage County, Illinois High Net Worth Divorce Attorney Today

Our firm is experienced in every avenue associated with a high net worth divorce. We will help you and your spouse reach a fair and agreeable settlement while keeping your divorce private. Contact an Elmhurst high net worth divorce attorney at Weiss-Kunz & Oliver, LLC at 312-605-4041or send us an email.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=3700000&SeqEnd=5200000

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

http://www.ilga.gov/legislation/ilcs/documents/075000050k504.htm

This entry was posted in Divorce, High Asset Divorce and tagged , , , , , , , . Bookmark the permalink.