Whatever the reason for your divorce, most breakups follow the same legal process in Illinois. First, one spouse files the divorce petition, then there is a discovery and negotiation phase. Then, a settlement is entered in the divorce court as a final decree of divorce. Divorces are almost always painful and difficult experiences for married couples.
However, divorce can be even more challenging when there is a lot of money involved. There are considerable differences when divorce involves people with high net worth. The discovery and negotiation process can be more contentious in these complex cases. Contact Chicago high net worth divorce lawyer Michael C. Craven if you have questions.
Child Support May Have Different Calculations
The Illinois Marriage and Dissolution of Marriage Act dictates how child support is calculated. This is accomplished with data from a table that relates to the couple’s net income. The calculation of child support is impacted by other factors too, including how many children there are, parenting time, and the cost of health insurance.
The child support tables only go up to about $30,000 per month net income. If the net income of the couple is more than $30,000 per month, the divorce court calculates the payment for child support on a case-by-case basis. The court will review how much support is needed to meet each child’s needs after the divorce.
Alimony May Be Determined Differently
Illinois law establishes guidelines for how alimony is handled. For example, not all divorces with high-net-worth couples have spousal maintenance. But the divorce judge can decide if alimony is necessary or not.
In most cases, alimony is only provided when there is a significant income difference between the parties. Illinois law gives guidelines for how alimony payments should be calculated. However, the guidelines only cover those whose combined gross annual income is lower than $500,000 per year.
When the combined income equals or exceeds $500,000, the divorce judge will consider the various statutory alimony factors. But, again, this comes down to what the family law judge believes is fair based on those factors. In this situation, it is essential to have an experienced high-net-worth divorce attorney in Chicago fighting for you.
There May Be Hidden Assets
Some high-net-worth individuals have assets the other spouse is unaware of. In some cases, spouses hide money and property from each other, their business partners, or the government. If one spouse hides assets in a divorce, alimony, child support, and property division may be more contentious.
They Usually Take Longer And Are More Expensive
If the spouses earn a lot of money, they usually have more assets than most couples. This may lead to issues when divorce happens. There can be squabbling about who gets the asset after the split. This, in turn, brings more things to fight about, additional court costs and higher legal fees.
Contact Our Chicago High Net Worth Divorce Lawyer Now
If you are a high net-worth individual, you face many financial complexities in a divorce. Fortunately, Michael C. Craven is a highly skilled and experienced Chicago high-net-worth divorce lawyer and CPA.
He is proud to represent high-net-worth clients in Cook County in Chicago, Deerfield, Glencoe, Highwood, Lake Forces, Northbrook, Evanston, and many other communities. Please contact attorney Michael C. Craven today for a complimentary consultation.
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