Common Complexities of High Asset Divorces in Illinois
The process of divorce in Illinois is a complicated one, but it becomes even more complex when high-value assets are involved. High-asset divorce cases require the knowledge and skills of an experienced attorney who understands the unique challenges and complexities of such cases.
Equitable Division of Property
The Illinois Marriage and Dissolution of Marriage Act (IMDMA) governs high-asset divorce cases in Illinois, providing guidelines for property division, spousal maintenance, and child support.
Under the IMDMA, marital property is divided equitably or fairly, but this does not necessarily mean that it is divided equally. Such a division can be a complex process, as it requires determining which assets are considered marital property and which are separate property.
Marital property includes any property acquired by either spouse during the marriage, regardless of whose name is on the title. This can include real estate, investments, retirement accounts, and businesses. Separate property, on the other hand, includes any property that was acquired by either spouse prior to the marriage or by gift or inheritance during the marriage.
Financial Professionals May Be Needed to Value and Divide Assets
Property division in high-asset divorce cases can become even more complicated due to the fluctuating value of the assets involved. They often require the assistance of financial specialists or appraisers. For instance, the division of a family business can require a detailed valuation of the business and negotiations over how to divide the assets.
The division of retirement accounts can require the use of a Qualified Domestic Relations Order (QDRO), which is a legal document that allows retirement account assets to be divided between spouses without incurring taxes or penalties.
Financial Deception and Hidden Assets
Hidden assets is another common issue, whereby one spouse may attempt to hide assets or undervalue their worth in an effort to receive a more favorable settlement. Not only is this challenging, but it often requires experienced asset-tracing attorneys and forensic accountants to uncover any hidden assets.
Complicated Child Support Issues
Child support is another common complexity in high-asset divorce cases. In Illinois, child support is determined based on the income of both parents. In high-asset divorce cases, not only is the income of the parents difficult to determine, but the needs of the child may be greater due to the higher standard of living they have become accustomed to. Things like private school tuition, extracurricular activities, and travel expenses tend to make child support more complex in high-asset divorces than they are in typical divorces.
Contact Our St. Charles Divorce Lawyers
These are just some common complexities of high-asset divorce cases in Illinois. If you are going through a high-asset divorce, contact Shaw Sanders, P.C.. Our Kane County divorce attorneys can help you successfully navigate the complex financial and legal issues involved with a high-asset divorce in Illinois.