No matter the reason for the breakdown of your marriage, the divorce process will typically follow the same basic steps. After one spouse files a petition for divorce, the two of you will go through the discovery and negotiation process, and eventually you will reach a settlement, which will be entered in court as your final divorce decree. Though the process is fundamentally the same for all couples, some people will experience the process a bit differently, especially if they have a high net worth. In these cases, certain areas of the divorce process, such as discovery and negotiations, tend to be more contentious and drawn out because of the assets that are at stake. Here are a few other ways that a high net worth divorce may be different from typical divorces:
High Net Worth Divorces Typically Take Longer and Cost More
If one or both spouses earn a large income, they will typically have many more assets of significant value than the average couple. This can cause problems when it comes to divorce, and there may be more contention when it comes to asset division. These types of disputes may result in a longer negotiation process, which in turn will lead to more lawyer’s fees or court costs if the case goes to trial.
Child Support May Be Calculated Differently
When it comes to child support, the Illinois Marriage and Dissolution of Marriage Act (IMDMA) sets forth guidelines of how support will be calculated. This is done using figures from a table that correspond to the couple’s combined net income and the number of children being supported. If the couple’s income exceeds the maximum income amount listed in the table (around $30,000 per month), then the court will determine child support on a case-by-case basis, looking at what amount of support will be necessary to meet the children’s needs following the divorce.
Spousal Maintenance May Also Be Calculated Differently
The IMDMA sets guidelines for how spousal maintenance (commonly known as alimony) should be handled during a divorce. Not every divorce involves spousal maintenance, but a judge can determine whether or not a spousal support award is appropriate. Typically, maintenance will only be awarded in divorces where there is a significant inequality in income between the spouses. The IMDMA provides guidelines for how the amount of maintenance payments should be calculated, but these guidelines only apply for couples whose combined gross annual income is less than $500,000 per year. If income is more than $500,000, the judge can deviate from the maintenance guidelines and make an award consistent with what he or she deems is fair.
Our Downers Grove, IL Divorce Attorneys Can Help With Your High Net Worth Divorce
If you and your spouse are thinking of getting a divorce, it is crucial that you hire a skilled Westmont divorce attorney who can handle issues related to large incomes or significant assets. At Khan Nayyar & Associates, LLC, we aim to help our clients in any way we can. Our team can ensure that your family’s interests are protected when addressing issues such as asset division, child support, and spousal support. Give our office a call today at [[phone]] to schedule a consultation.