Helping Clients In Complex And High Asset Divorces
The process of dissolving a marriage is often very complicated, and during divorce, spouses must make decisions and reach agreements about the division of marital property, the allocation of parental responsibility and parenting time, and the need for child support or spousal maintenance. When one or both spouses earn a large income or own significant financial assets, these matters can become exponentially more complex, and in these cases, the services of a skilled, experienced divorce attorney are essential.
At Botti Marinaccio, LTD., our family law attorneys have more than 100 years of combined experience, and we have assisted many clients in resolving complex financial issues during their divorce. With our personal approach, we will attempt to solve your problems and work to protect your rights in order to help you reach a resolution that ensures that you and your family will have the financial resources you deserve following a high net worth divorce.
Common Issues In High Asset Divorce
Spouses with large incomes or assets may need to address some or all of the following issues during divorce:
- Property identification, valuation, and division – Determining the existence and total value of marital and non-marital property and determining a value of the property can require the assistance of skilled attorneys with financial advisors, especially when spouses own multiple homes (including vacation properties or time-shares), expensive jewelry or artwork, and significant, complicated investments. Spouses should also be concerned about their partner attempting to hide assets.
- Business valuation – Spouses must determine their ownership interest in any family-owned businesses and determine whether the business assets should be divided, assigned, or liquidated to facilitate the division of these assets during the divorce.
- Retirement accounts – The marital portion of retirement funds and pensions must be calculated. Dividing these funds between spouses may require a skilled attorney to direct a fair division of the retirement accounts, generally through a Qualified Domestic Relations Order (QDRO).
- Spousal support – A knowledgeable understanding of the concept of income from all sources is an essential element of spousal support. High income earners require skilled attorneys, such as the lawyers at Botti Marinaccio, LTD., to identify sources of reoccurring income, income tax considerations, the standard of living enjoyed during the marriage, the necessity for recommending the receipt of the payment for spousal support, and other support related matters, such as health needs. Amounts of support can be based on statutory guidelines or deviations from guidelines if income is substantial or the needs are great. The duration of support will be dependent on the length of the parties’ marriage; long-term marriages require long-term spousal support.
- Child support – Statutory guidelines exist for determining a parent’s child support obligations. Illinois law does not contain guidelines for high income earners. When parents earn high incomes, the courts have discretion to award child support that is deemed reasonable and necessary in order to promote a child’s best interests.
- Premarital agreements – A premarital agreement generally specifies how a couple’s assets will be divided and the amount and duration of spousal maintenance. During divorce, this agreement must be assessed to ensure that its terms can be enforced or to determine if the agreement can be contested through litigation as unconscionable.
Contact A Chicagoland Area Divorce Attorney
The decisions made during divorce will have a major impact on your life and your ability to meet your family’s financial needs. During your high net worth divorce, the attorneys of Botti Marinaccio, LTD. can help you fully understand your financial situation, protect your rights, and advocate for your interests as you work to reach a favorable resolution. The law firm of Botti Marinaccio, LTD. solves problems through successful negotiations or, if necessary, at trial through a judge’s decision. To contact our main office, call 630-934-2192 or fill out our online contact form.