The Complexities Of A High Net Worth Divorce
At Taege Law Offices, our Chicago family law attorneys have extensive experience representing clients in high net worth divorces. We know how to help our clients find efficient, effective solutions — while ensuring that their legal rights and financial interests are fully protected. If you are going through a high asset divorce in Chicago, Illinois, please do not hesitate to contact our law firm for immediate assistance.
Valuation And Division Of Marital Property
Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/), all marital property must be divided in an equitable manner. For high net worth couples, it is crucial that all assets are properly classified as either marital or non-marital property and that all assets receive a comprehensive valuation. High net worth couples often have complex assets that can be challenging to identify, classify, value and divide. Some notable examples of property that high net worth couples may need to deal with in divorce include:
- Investment accounts
- 401(k)s and retirement accounts
- Executive compensation
- Businesses and business interests
- Real estate holdings
- International assets
- Complex debts and liabilities
- Art, antiques, and other valuables
No matter the specific circumstances of your finances and your marriage, you should be prepared to seek guidance from an experienced Chicago high net worth divorce lawyer. Your lawyer will help you find the best resolution that protects your financial interests.
Spousal Maintenance (Alimony), Child Support And High-Asset Divorce
Spousal maintenance (alimony) is far more likely to be awarded in high asset divorces. Whether you will be required to pay alimony, or you will be eligible to receive maintenance will depend entirely on the unique circumstances of your case. In Illinois, courts will consider a wide range of different factors in determining if spousal maintenance is appropriate. This includes:
- The financial status and needs of each partner
- The career prospects of each partner
- Current and likely future income and earnings
- The standard of living established during the marriage
- The total length of the marriage
- The health and age of each partner
The longer the marriage, the larger the gap between the likely future earnings of each party, and the more the financially disadvantaged spouse sacrificed their career for the marriage, the more likely that maintenance will be awarded.
Contact Our Chicago Divorce Lawyers Today
At Taege Law Offices, our Chicago family law attorneys have extensive experience handling high net worth divorce cases. We have a comprehensive understanding of the issues that affect affluent couples. To arrange a free, fully private divorce consultation, please do not hesitate to contact our law firm by calling 312-667-7706 today.