High net worth divorces in Illinois have a unique set of challenges that require a unique set of skills to resolve. Not all attorneys are equipped with the experience and characteristics to manage these complex, often contentious divorces. Because ending a high net worth marriage involves significant high-asset division issues, to say nothing of disputes about child custody or spousal support, it is essential to have a great attorney who has what it takes to manage these problems well. If you are a high-net-worth individual and are considering divorce in Illinois, here are four strengths your attorney should have.

Efficiency

Working quickly and efficiently is essential for moving a divorce along as seamlessly as possible. Managing paperwork, communications, and every other element of divorce with keen organizational skills and without wasting time distinguishes average divorce attorneys from excellent ones. Your attorney should communicate clearly and in a timely fashion, without leaving you with unanswered questions about what they are doing and why.

Strategic Thinking

Managing high-worth assets in a divorce requires creativity and problem-solving skills. These assets can be difficult to value, often fluctuating in value throughout the course of a divorce, and spouses may want to protect certain assets while giving up others. The abilities to negotiate strategically and anticipate the other party’s agenda and tactics are essential for ensuring a fair asset division.

Many parents have taken steps to provide for their children in the event of their passing. However, it is far less common to have a plan for cases of incapacitation or inability to provide, and this fact can cause significant issues down the road. When a parent becomes incapacitated or unable to take care of their children, things are in flux, and as such, it can be hard to determine what course is truly in the best interest of the child.

Temporarily Assigning Parental Rights

Some cases of parental incapacity are permanent, and some are temporary. If you sustain a physical injury that renders you bedridden, for example, you may be unable to take care of your children until you recover. If you encounter a reason why you are unable to adequately take care of your children, but you either know or believe that inability will not be permanent, it is possible to convey parental rights to another person for a limited time, which qualifies as a guardianship under Illinois law. The state will assume that parental rights default to your child’s other parent, in most cases, unless you specify to the contrary.

In many cases, when divorces turn nasty, it is because of disputes over property. Each spouse believes they are absolutely entitled to an asset that was given to the couple or that they purchased together, such as a car or a couch. Hiding a new car is not very easy, of course, but, spouses may think they can hide other, less tangible assets from their former spouses to avoid splitting it during the divorce. Fortunately, there are several procedures available to locate these assets and ensure you get your equitable share of the marital property.

How Assets Are Hidden During a Divorce

Section 503 of the Illinois Marriage and Dissolution of Marriage Act provides that all property acquired by either spouse may be divided into three categories during divorce: marital property, non-marital property, and commingled property.

DuPage County Family Law Attorneys Look at National Divorce Rate Declines

Will DuPage County divorce lawyers see declining divorce rates in 2015?  According to a New York Times TheUpshot article, the U.S. divorce rate has been on the decline and no longer is it true that half of all marriages end in divorce. According to the article, the divorce rate peaked in the 1970s and early 1980s and has been decreasing for the last 30 years.

Marriages occurring in the 2000s are seeing far less divorce rates. If this current trend continues, nearly two-thirds of marriages will never result in a divorce, according to Justin Wolfers, contributor to The UpShot and a University of Michigan economist. The lowering divorce trend has been said to be in large part due to changing gender roles and the expectations of marriage from women. The article covers additional reasons for the national divorce decline including later marriages, birth control and the increase of marrying for love.

Will divorce attorneys in DuPage County see a decline in clients as the U.S. divorce trend lowers?  It depends upon a number of factors. The article spotlights that the decline in divorce rate is concentrated among people with college degrees. Being higher educated creates an opportunity for both spouses to work and to be able to establish a stronger financial foundation for their marriage. For marriages where the couple is less educated, the divorce rates are closer to those of the peak of divorce years.