Three Things to Consider for High Asset Divorce In Wheaton, IL
Posted on October 28, 2022 in DuPage County Divorce Attorneys
Dividing marital assets is always a difficult aspect of divorce, but it gets even more acrimonious and difficult when couples with high net worths try to share their assets evenly after their marriage.
If you are a part of a high-asset divorce, you need an attorney who will pay attention to your worries, assess your case, and clarify these three challenging problems while giving you advice on what makes sense in your particular circumstance.
Division of Assets in High Asset Divorce
The division of assets is a crucial factor in any divorce, but it is especially vital in a high-asset divorce. Spouses may negotiate a division of assets that leaves each party with assets of relatively equal worth. One partner may, for instance, receive the majority of the stock and liquid assets, while the other may receive the majority of the real estate or retirement benefits. The necessity for spousal maintenance payments might be reduced or even eliminated in some situations if significant real estate and assets are divided. Spousal support may be the key issue in other situations with extremely high incomes.
Other factors a judge will consider when deciding how assets will be divided include:
Spousal Support During a High Net-Worth Divorce
Spouses may also be able to negotiate a spousal maintenance arrangement. However, if they cannot agree, the court will decide for them. The judge who resolves a divorce will have a lot of leeway and discretion in deciding whether to order spousal support. Your quality of living, earnings, and pertinent tax difficulties can all be used to support your claim for spousal maintenance.
If one spouse has a much greater income, the other spouse may ask for continued support payments to make sure they can maintain their standard of living. An experienced divorce lawyer can guide you through the process and help determine if you qualify for spousal maintenance and how much and how long support payments will last.
Child Support in a High-Asset Divorce
Your divorce lawyer can also assist in making sure that children will receive the appropriate amount of financial support based on large incomes for one or both parents, while also taking care of the significant child-related expenses that parents may need to pay, such as college costs.
Contact a Dupage County High Asset Divorce Lawyer
If you need assistance with divorce-related concerns involving high earnings or valuable assets, contact a Wheaton divorce attorney who will assist you during this stressful, high-stakes time in your life. Call Andrew Cores Family Law Group at 630-871-1002 to schedule your free consultation to learn your legal rights and discuss your best options.
Source:
https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
