How a High Net Divorce Can Be More Complicated in Illinois

 Posted on July 13, 2021 in Divorce

A divorce can become even more complicated and stressful if you and your spouse have a high net worth. If you are thinking about getting a divorce and you or your spouse own high-value or complex assets, it is critical to have a skilled Illinois divorce attorney on your side.

Different Ways a High Net Worth Makes Your Illinois Divorce More Difficult

If you and your spouse are wealthy, you can expect your divorce to have more complexities than a traditional divorce. Here are a few ways the process may be more complicated than a typical divorce.

• Divorce proceedings may last longer. If you and your spouse have more assets than the average married couple, it stands to reason that it will take more time to divide them. 

• You may need to have assets valued. In high asset divorces, it is common to have complex assets that require expert appraisals to properly value. Retirement accounts, business interests, investments, art, antiques, collectibles, and cryptocurrency may be especially difficult to value. 

• One spouse may try to hide assets. If one spouse was the primary breadwinner in a high net worth marriage, he or she may try to hide assets. The spouse may believe that the other spouse does not deserve the assets and try to keep them all for him or herself. In this situation, it may be necessary to hire a forensic account. This professional and work with your divorce lawyer to search for concealed assets.

• Spousal maintenance calculations will likely be more complicated. In Illinois, the court uses a specific formula to determine how much and how long spousal maintenance will be paid. However, this calculation method is only used when a couple makes less than $500,000 a year. If you and your spouse earn more than that, the calculations for spousal maintenance may not be as simple.

Contact a DuPage County Divorce Lawyer

If you are getting a high net divorce, a Naperville, IL divorce attorney can help. At Calabrese Associates, P.C., we understand the complexities involved in high asset divorces and want to guide you through the process. We encourage you to call 630-393-3111 to schedule a confidential consultation.

Source:

https://www.forbes.com/sites/russalanprince/2015/09/22/when-the-wealthy-divorce-they-regularly-engage-forensic-accountants/?sh=35cc9bea588d