Even the most straightforward divorces have their challenges. If you are facing a high net-worth divorce, however, the process can be much more complicated. Being prepared for the obstacles you may face can help – and having a Chicago divorce attorney who has experience handling these difficult cases in your corner is well-advised.
If your assets were all accumulated during the course of your marriage, they’re likely to be classified as marital property, which must be divided between the parties at the time of divorce. This alone can be exceptionally complicated (think of valuations, appraisals, and the like) when dealing with high net worth, but if your assets also involve separate property, the division can be more complicated still. Separate assets refer to property that either spouse acquired prior to the marriage or that was maintained as separate, non-marital property, which is tricky in and of itself. The following must be taken into consideration:
In a high-asset divorce, there may be more opportunities for the line between separate and marital property to be blurred, which also includes determining the equitable way to allocate the property under Chicago divorce law.
High net-worth divorces are more likely to include prenuptial or postnuptial agreements. While these marital contracts are designed to make the division of marital assets easier, there is more at stake in a high asset divorce, which means that the prenup or postnup is likely to be under greater scrutiny. You want to ensure that you hire an experienced Chicago divorce attorney during the drafting and review process of any agreement to prevent arguments for invalidity later.
The State of Illinois uses a standard, statute (law-based) calculation to determine child support in divorces involving minor children. If yours is a high net-worth divorce, however, the court has the discretion to employ different parameters when calculating child support in your case. The lifestyle your children have enjoyed to date is a primary factor in the court’s determination process along with actual needs, contributions to other child-related areas and the like.
High net worth divorces often involve business ownership, which represents a complex financial matter that makes hiding assets – or diminishing value – far easier to accomplish and more difficult to detect. When a business is involved, determining its value alone can be exceptionally complicated.
High net worth divorces are far more likely to involve the issue of maintenance, which is also known as alimony, and again, the court has the discretion to bypass the usual parameters and award an alimony or maintenance amount that maintains the lifestyle you both enjoyed while married.
High net worth divorces often come with complications, and the savvy divorce attorneys at WARD FAMILY LAW, LLC in Chicago have the experience and knowledge to fiercely advocate for your financial rights and best interests. To learn more, please don’t wait to contact us today.
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