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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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What Is a High Asset Divorce in Illinois?

Posted on in Divorce

IL divorce lawyerAlthough circumstances can vary when building towards a high asset divorce, common contributing factors are spouses who are high earners and have had a long marriage. When spouses commonly hold many assets that are valuable and complicated, a complex divorce is inevitable.

If you are considering divorce and have high-value assets or high net worth, you will need an experienced, assertive attorney who will advocate for your best interests. In addition to having an outstanding legal team, here are other things to consider when beginning a high asset divorce.

Hire a Forensic Accountant

Complex assets include things like stock options, overseas investments, trusts, pensions, retirement plans, and private art or vehicle collections. Assets such as these can make divorce very complicated.

A forensic accountant is an expert at examining financial documents to understand a spouse’s full financial situation. Forensic accounts are also excellent at discovering hidden assets or income that spouses may be lying about.

Here at Botti Marinaccio, LTD., we have a network of forensic accountants and other financial professionals who can join your legal team of experienced experts and get you the representation you need.

Be Prepared for Large Spousal and Child Support Payments

Even with a skilled lawyer, high asset divorces typically result in high child support payments – and often spousal support payments to match. This is because Illinois law decides child support using the “income shares” method, splitting the cost of child support between parents according to their proportion of the earned income total.

spousal maintenance is likely to be awarded, especially if your spouse has not worked outside the home or if he or she makes far less than you. Be aware of this and begin planning early.

Hire a Firm that Prioritizes Client Experience

When you find yourself in a high asset divorce, it is likely because you are a busy, high-earning professional whose time is extremely valuable. Hiring a law firm that understands this is crucial for maintaining your career and lifestyle during a divorce. In addition, your spouse will almost certainly be hiring a competent lawyer – and you don’t want to find yourself on the defense.

The attorneys at Botti Marinaccio know what to look for in high asset divorce and make great client service a priority. This means you can trust your divorce proceedings to go smoothly. You focus on more important things, knowing your interests are constantly and assertively represented.

Contact a Cook County, IL Divorce Lawyer

Mistakes and incompetent representation in a high asset divorce can cost you valuable time and money. Start your divorce on the right foot and keep it that way with the experienced legal services of Botti Marinaccio, LTD. Speak with an accomplished Oak Brook high asset divorce attorney. 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/?sh=175ed929588d

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

 

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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