High Net Worth Divorce Lawyer West Dundee, IL

A high asset divorce can have major financial implications. In such cases, there are several factors to consider:

• Asset Valuations: High net worth divorces often involve the valuation of complex assets. Examples include businesses, residential and commercial real estate, complex retirement assets, stock options, trusts, international investments, and unique assets such as jewelry, art collections, antiques, and automobiles.
• Hidden Assets: A spouse may try to hide assets by transferring them to a family member or business partner, opening a secret bank account, or using other means to conceal their finances. If this is suspected, the services of a forensic accountant may be employed to uncover hidden assets.
• Alimony/Maintenance/Spousal Support: If the court determines that maintenance should be awarded, there is a statutory formula used to calculate the amount of maintenance to be paid for couples with combined incomes of $500,000 or below. Since many high net worth divorces involve couples with combined incomes that exceed $500,000, the appropriate level of maintenance may be determined by the court without using the statutory formula.
• Child Support: Illinois uses an income shares model that takes into account the combined income of both parents to determine child support payments. However, the court has the discretion to deviate from the statutory formula in deciding how much child support is appropriate. This is more likely to occur in high-income divorce cases.
• Tax Implications: Dividing and in some cases liquidating high-value assets can lead to unforeseen tax consequences. It is important to understand the tax implications well ahead of time, so you can determine the best strategy to minimize your tax burden.
• Prenuptial and Postnuptial Agreements: Many marriages in which one or both spouses have significant financial assets use a prenuptial or postnuptial agreement that specifies how the assets are to be divided in the event of a divorce.