High Net Worth Divorce Checklist

Every divorce faces its own unique complexities, but if you have a high net worth, your divorce will likely be that much more challenging. Better understanding what you’re up against in your high-asset divorce can help you proceed with increased confidence that your rights remain well protected. When it comes to high assets, you shouldn’t skip the focused legal guidance of an experienced Chicago high net worth divorce attorney. 

Your Children

If you and your divorcing spouse share children, their ongoing best interests are naturally an ongoing concern. As such, there are several primary matters to directly address as you move through the divorce process, including:

• Parental responsibilities, which includes both decision-making and parenting time 
• Decision Making, which outlines which parent (solely or jointly) make decisions in regards to the children’s education, religion, extracurricular and medical
• Parenting time, which determines physical custody which is what time is awarded to each parent
• Child support, which – in a high net worth divorce – can include increased allocations of contributions to additional child-related expenses such as camps, private school tuition, college tuition, 529 savings plans, trusts and inheritances
• Any special needs any of your children have
• Your children’s health insurance coverage, including dental and vision

Your Assets

The definition of a high net worth divorce is a divorce involving high assets. In Illinois, those assets that you, your spouse, or you and your spouse together acquired during the years of your marriage are considered marital, and as such, they must be distributed between you fairly upon divorce. 

What is fair in your unique circumstances will hinge on a wide range of factors, but in high-asset divorces, matters such as the following often present unique complications that must be carefully considered:

• Multiple real estate properties 
• A vacation home or homes and timeshares
• Business ownership, including the complex matter of a family business 
• Income properties
• Maintenance expenses
• Joint holdings
• Retirement and pension accounts
• A complex financial portfolio that can include stocks and bonds, offshore investments, and far beyond
• A comprehensive accounting of your valuables, including artworks, jewelry, cars and vehicles, recreation vehicles, boats, and any collections

In relation to your assets, it’s also important to keep in mind that you’ll need to assign values that you can both agree to, which often requires exacting and costly valuation efforts. There are also complex tax filing to consider and the very real risk that hidden assets play a role.  

Your Debts

High assets are usually accompanied by complex debt that must be carefully assessed in relation to your divorce. Items to consider include:

• Lines of credit, including credit cards
• Personal and business loans
• Mortgages

Both alimony (which is known as maintenance in Illinois) and child support payments can also factor into the debt equation – as can any spending or shopping problems either spouse may have. 

Marital Agreements

Another important consideration in relation to a high net worth divorce is any terms included in a valid prenuptial or postnuptial agreement, which are generally binding. 

Discuss your Case with an Experienced Chicago High Net Worth Divorce Attorney Today

The more considerable your assets, the more complex your divorce is likely to be, and the focused high net worth divorce attorneys at WARD FAMILY LAW, LLC, have a wealth of impressive experience successfully guiding challenging cases like yours toward advantageous outcomes. We’re here for you, too, so please don’t wait to contact us for more information today.