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Four Common Challenges of a High Net Worth Divorce

Posted on in Divorce

oak brook divorce lawyerCouples owning a million dollars or more in assets face unique challenges when getting divorced in Illinois. There is a lot at stake in a high net worth divorce, and both parties are likely to hire excellent attorneys to represent them. The proceedings can be long and protracted and often involve the assistance of outside experts. 

In this blog, we will discuss some of the most common challenges we see in our clients’ high net worth divorces. If you are considering divorce and are worried about what it might mean for your assets, business interests, or spousal maintenance obligations, contact a qualified Cook County divorce attorney for help.  

Privacy Concerns

Many high net worth couples have public profiles and want to curtail any public interest in their decision to divorce. When couples have been involved in community, business, or political leadership, maintaining privacy during divorce can be more difficult. We go beyond the standard attorney-client relationship and make every attempt to help you protect your privacy and minimize public exposure during your divorce. 

Spousal Support

Spouses become accommodated to a certain lifestyle during their marriage, and getting divorced can threaten the quality of life for one or both spouses. Making decisions about spousal support can become difficult and combative when spouses have contributed to the marriage in different ways. One spouse may have earned the lion’s share of the marital income while the other spouse stayed home with the children; the working spouse may understandably want to protect their future income and worry that substantial spousal support payments could hamper their future financial success. Courts consider many factors when making decisions regarding spousal support payments. Having an experienced divorce attorney in your corner can help you protect your interests. 

Valuing Assets

High net worth individuals often have a complex asset profile, including collectibles, vehicles, business interests, and other unique assets that may be difficult to value. Clients in this situation generally hire outside experts who can determine the value of assets. When we know the value of a client’s asset portfolio before divorce proceedings or mediation begins, we are able to negotiate more assertively for a favorable outcome. 

Length of Proceedings

High net worth divorces are inherently more complex because of the many layers of financial concerns. This often means the divorce process is longer and more expensive, and this is especially true when spouses cannot agree on an asset’s value or how to divide an asset. Having an attorney who is skilled in dispute resolution but also firmly negotiates on your behalf can help shorten the length of a divorce.  

Contact a Western Springs High Net Worth Divorce Lawyer

If you are facing a divorce or are already in the midst of one, you need the help of an experienced DuPage County divorce attorney who will advocate assertively on your behalf. At Botti Marinaccio, LTD., we have worked with clients in hostile and complex divorces to secure favorable outcomes. We will integrate your preferences into our overall divorce strategy and provide outstanding client service from beginning to end. Contact our offices today to see how we can help you. Call us at 630-575-8585

 

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000 

https://www.ilga.gov/legislation/ilcs/documents/075000050K504.htm 

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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