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Can I Get Alimony in a High Net Worth Divorce?
Divorcing your spouse in a high asset marriage can come with numerous complications. Depending on your financial situation, you might consider requesting alimony to help alleviate some of the financial stress. However, if your spouse will not agree to pay alimony, you may face significant resistance in court. A St. Charles, IL high net worth divorce attorney can help you fight for necessary spousal support, making a case for your well-being.
At Shaw Sanders, P.C., we know how difficult it can be to adjust to life after a divorce. To help ensure that your needs are protected, we can assist you in negotiating for alimony in a high asset divorce and pursue litigation if necessary. Our firm has real trial experience, and we know how to effectively speak up for our clients in contested divorce matters.
Relevant Factors in High Net Worth Alimony
In Illinois, alimony is typically awarded by the courts based on demonstrated financial need. If you come from a wealthy marriage, you may worry that you will not qualify for court-ordered support. This assumption is not strictly true, as the court may consider several factors when deciding whether or not alimony is needed.
If you have not been in the workforce for a long time, you may struggle to find employment after your divorce. The court may consider your employability, as well as any impairments to your earning capacity, when reviewing a request for support. Moreover, if you were used to a high standard of living during your marriage, and the divorce would come as a drastic change, the court may also factor that into consideration (750 ILCS 5/504).
Types of Alimony Awards in an Illinois Divorce
If the court decides that an award of alimony would be just and right, the judge will call for a specific type of support suited to your situation. In many cases, the court will award a spouse with rehabilitative alimony until he or she finds suitable employment to become self-supporting. Alimony can be awarded for a fixed term or on a reviewable basis.
In exceptional circumstances, the court may award one spouse with indefinite alimony. This is usually only reserved for long-term marriages where the party seeking support is unlikely to find work after the divorce.
Spousal Support Guidelines in High Net Worth Divorces
To simplify the alimony process, Illinois uses a standard formula to calculate monthly spousal support obligations. This amount is usually calculated as a third of the payer’s monthly net income subtracted by a quarter of the receiver’s net income.
However, the standard calculation only applies to spouses with a combined gross income of up to $500,000. If the combined income exceeds that amount, the court can choose to deviate from the formula to decide on an amount that is just and fair.
Contact a Kane County, IL Alimony Lawyer
If you need assistance petitioning for alimony in a high asset divorce, reach out to our St. Charles, IL high net worth divorce attorneys at Shaw Sanders, P.C. today. To schedule a free initial consultation, call our offices at 630-584-5550.
630-584-5550