Sometimes, things just do not work out the way that you planned, and the only thing you can do is to find a way to remedy the situation. When a marriage does not work out, divorce is usually the result. Divorce can happen to anyone, no matter your age, educational attainment, or socioeconomic status. However, couples who have a high net worth often experience different issues and difficulties that other couples may not face. Getting a divorce when you have a high net worth can be demanding and stressful. Having a clear understanding of the divorce process as a high-net-worth individual can help decrease some of the unknowns that any divorce can bring.
Important Issues in a High-Asset Divorce
While the general elements of a divorce resolution are the same for couples with a high net worth, the presence of substantial assets can complicate them. Here are some issues you are likely to encounter.
Property Division: Property in Illinois is only subject to division if it is marital property. Marital property is considered to be anything the couple acquired after they were married, with certain exceptions. For example, an individual with a high net worth may have extensive family wealth or heirlooms that would be excluded from division, in most cases.
Sources of Income: It is also not uncommon for high net worth individuals to have more than one source of income. In addition to the person’s employment, they may also have income from property rentals, business income, interest income, dividends from a stake in a business, capital gains, and/or royalties or licensing income.
Business Concerns: Many times, those who have a high net worth have that status because of a business that they started or own. In a divorce involving a business, much work will need to be done to determine who has ownership in the company and how that company’s value will be divided between the spouses.
Divorce Costs and Duration: In a high net worth divorce, it is not uncommon for the process to last for months, or even years. If the divorce is contested, the total cost and amount of time needed to complete the process is going to be more than usual.
Child Support and Spousal Support: In situations where a couple’s income is greater than what is noted in the Illinois state guidelines, child support can be calculated differently than in other cases. If an individual has a high net worth and cannot agree on a child support amount, a judge will often examine the situation and make a decision on child support based on the child’s needs and previous lifestyle and the paying spouse’s income. With spousal support, the judge will also examine the spouse’s needs and standard of living during the marriage to make a determination.
Contact Our St. Charles, IL High Net Worth Divorce Lawyers
If you are contemplating divorce and you and your spouse have a high net worth, you should hire a knowledgeable Kane County divorce attorney who has experience working with high net worth couples. At Goostree Law Group, we have extensive experience working with high net worth individuals to protect their wealth and advocate for their best financial interests. To schedule a free consultation, contact our office today at 630-584-4800.