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Considerations During a High Asset Divorce in Illinois

Posted on in Divorce

Burr Ridge high-asset divorce attorney

The divorce experience is different for everyone. A young couple who does not have children, own a home, or have valuable assets may be able to get a divorce relatively quickly and effortlessly. The more assets you own and the more complex those assets are, the more likely it is that you will have a complicated divorce. If you are planning to end your marriage, and you and your spouse have a high net worth, own complex assets, or have high-value assets, your divorce may involve more negotiations. There is much more at stake in a high asset divorce, so it is crucial for couples in this situation to be informed about the unique issues presented by a high asset or complex asset divorce.

Child Support and Spousal Maintenance Payments Are Usually Much Larger

Illinois child support orders are decided using the “Income Shares” method. This approach involves evaluating each spouse’s income, determining the total amount of support for which the parents are collectively responsible, and then splitting the cost between the spouses in proportion to their incomes. Similar to property division, the spouses’ financial circumstances must be fully understood before a child support order can be entered by the court.

Spousal maintenance is only awarded in certain circumstances such as when there is a large discrepancy between the spouses’ incomes or when one party has not worked outside the home in many years. Spousal support calculations can become especially complicated when a spouse attempts to conceal assets from his or her partner. If you worry that your spouse may be hiding assets in order to manipulate spousal maintenance determinations, it is critical that you speak with a divorce attorney experienced in handling financial fraud during a divorce.

You May Need Assistance from a Forensic Accountant or Other Professionals

If you have a high net worth, it is likely that you own complex assets like investment portfolios, pensions or retirement plans, stock options, overseas investments, partnerships, trusts, and more. You may have accumulated your wealth as a business owner or entrepreneur. You may also own expensive collections, art, or other assets, which can be difficult to value. All of these factors will make it harder to divide marital assets during a divorce. Before marital property and funds can be equitably distributed to spouses, each party’s income, assets, and debts must be fully understood and assigned a value. 
A forensic accountant can sort out finances by examining tax returns, bank balances, investments, and more. A forensic professional can be especially beneficial if you believe that your spouse may be hiding assets or lying about his or her income. At Botti Marinaccio, LTD., we work with a large network of qualified forensic accountants and other professionals who have specialized training and experience that can help you receive the divorce settlement you deserve. 

Contact a Cook County Divorce Lawyer

If you or your spouse have high value or complex assets, and you are planning to divorce, you need a lawyer experienced in Illinois divorce laws and equitable distribution. Contact Botti Marinaccio, LTD. to speak with an accomplished Hinsdale high asset divorce attorney who can help you understand your legal options and advocate on your behalf for a favorable outcome. Call our office today at 630-575-8585 to schedule a confidential consultation.

 

Sources:
https://www.forbes.com/sites/russalanprince/2015/09/22/when-the-wealthy-divorce-they-regularly-engage-forensic-accountants/#33e30663588d
https://www.forbes.com/sites/russalanprince/2014/06/09/three-of-the-biggest-mistakes-the-wealthy-make-when-divorcing/#73f7b5567020

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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