Having a high marital net worth can be wonderful. Spouses who have less financial stress often do better. However, it takes much more than good financial health to make a marriage work. People with high net worth can and do get divorced frequently. Having a large amount of valuable assets to divide is often a factor in complex divorce. The more assets you have, and the harder to divide those assets are, the more complicated your divorce is likely to be. Many couples who have managed their finances strategically have property like stock holdings, real estate investment properties, and retirement savings. Some even built up their net worth through a professional practice or a family business. If you and your spouse share complex or valuable assets, it is important to involve an attorney who is experienced with these legally challenging divorces. 

Helpful Tips for Divorce With Wealth

There are strategies spouses with high net worth can use to protect their joint wealth during the divorce, and some each individual can use to protect their own wealth. You may wish to consider: 

• Uncontested divorce - High asset spouses should strongly consider using divorce mediation or attorney-facilitated negotiation instead of deciding to go to court right away. Using alternative divorce resolution can minimize the costs associated with a legal battle. 
• Involving professionals - In addition to divorce lawyers, you may need forensic accountants, business valuators, appraisers, and other professionals who can help you ensure that your financial picture is clear. These professionals can also help you find all the documents and evidence you may need. 
• Identify personal property - Some types of assets may belong to you and you alone, such as any inheritances or gifts you have received individually. 
• Be creative - Creative solutions to complex problems can sometimes work. Spouses who are dividing complex assets sometimes find surprising compromises or ways of doing things that work for them. For example, some more amicable divorced couples find that they are quite able to continue collaborating on a profitable project. 
• Be cautious about publicity - If there is a chance that your divorce could become a matter of public interest, it is important to approach the media in a very strategic and cautious way. You should consult your lawyer before appearing publicly. 

High asset divorce can become very complicated very easily. It is important to choose an attorney with experience handling these complex cases. 

Not all prenuptial agreements are enforceable exactly as they are written. Some prenuptial agreements might not be enforceable at all. If you are getting divorced soon and you signed a premarital or postmarital agreement, you might be wondering how this contract will affect your divorce. While most agreements a couple chooses to include in their prenuptial contract will be enforced, there are some agreements that are not legal. If a certain term in your contract violates Illinois law or public policy, that term might be disregarded. In other cases, the entire enforcement is invalid because one party was coerced or forced into signing. If you have questions about whether your prenuptial agreement will be used in your divorce, it is important to consult an attorney before filing. 

Terms a Prenuptial Agreement Cannot Include 

Some terms in a prenuptial agreement cannot be enforced even if both spouses agree to them. These terms include: 

• Child custody - Child custody decisions must be made based on what is best for the child, determined at the time of the divorce. Parents cannot agree to a custody arrangement before they begin the divorce process. 
• Child support - Parents cannot agree to waive the support their child is entitled to. 
• Unconscionable terms - A term is unconscionable if it is drastically unfair to one person, such as leaving one spouse with no way to support themself. 

Reasons a Prenuptial Agreement Might be Thrown Out

An entire prenuptial agreement could be thrown out and not used in the divorce in cases involving: 

A couple’s debt must be divided fairly during divorce, but fair does not mean 50/50 in all cases. Debt is a fact of life for a rather large portion of Americans. Few people can honestly say that they are entirely debt-free. Most people have a car payment, a student loan, a mortgage, or credit cards they have needed to make ends meet. When a marriage ends, the marital debt must be divided just like the marital assets. There is a lot that goes into determining which spouse is responsible for which debt. Even if a credit card or loan is only in one spouse’s name, it could be considered marital debt depending on the circumstances. As dividing debt in an Illinois divorce can be highly complicated, it is very important that you speak to a qualified Illinois divorce attorney. An attorney can help you understand how your debt may be divided based on your personal situation. 

What is Marital Debt?

Often, married couples will take on debt together to buy things that benefit them both. When this is the case, that debt is likely to be seen as marital debt, even if it is only officially in one spouse’s name. For example, if one spouse uses a credit card in their name only to pay bills during hard times, that debt is likely to belong to both spouses in some ways. 

How do Courts Divide Debt in DuPage County?

In many cases, spouses can decide how to divide their debt by agreement. Mediation can help spouses avoid a courtroom battle and work together to find a solution. If the court does need to step in and help divide debt, they will consider factors like whether one spouse is more responsible for the debt than the other. Additionally, if the debt is tied to an asset - like an auto loan tied to a car - the spouse who keeps the asset usually keeps the debt.

Some assets can be split into two equitable parts rather easily. For example, if you and your spouse share a savings account, it is simple for each of you to move a share of the funds into your own separate accounts once it has been established how the money should be divided. Other more complex assets are not so easy to divide. 

For some assets, like a stock portfolio, the difficulty in dividing the asset is in valuing it. For other assets, such as the marital home, the challenge is that the asset literally cannot be divided at all and another strategy must be used. Often, the challenge is that the spouses are unable to agree as to what type of split would be fair. 

An attorney can help you find the ideal strategy for dividing these complex assets. All marital property must be divided equitably in an Illinois divorce. 

Parents who are getting divorced must create a parenting plan. A parenting plan covers things like when the child will spend time with each parent and which parent has the right to make important decisions about the child’s upbringing. The most common co-parenting arrangement involves each parent having designated parenting time to spend with the child in their individual household. While this tends to work well for many if not most divorced parents, it is not the only option. 

Many parents hesitate to get divorced at all for fear that they will spend far less time with their children. There are several unique and creative strategies for parents who want a different way to co-parent after divorce. These strategies will tend to work best for parents who are able to remain amicable, as they require a higher degree of cooperation between parents. An attorney can help you assess which methods of post-divorce co-parenting are likely to be best for your family. 

Creative Co-Parenting Techniques for Divorced Parents

Not all methods will work well for all parents and children. It is important to carefully consider what is likely to work well in your individual circumstances. Potential co-parenting strategies you can agree to in your Illinois parenting plan include: