All divorces have the potential to be complex, but when a couple has a high net worth, the proceedings tend to be even more complicated than normal. For couples who have an abundance of property or assets that are worth a lot of money, the divorce process will involve more decisions. Issues such as property division, spousal maintenance, and child support may be handled differently. People who have a high net worth can greatly benefit from a skilled divorce attorney who has experience dealing with high-value assets to help them figure out the best options for their situation. If you are involved in a high-net-worth divorce, here are a few things you should keep in mind:
High-Net-Worth Divorces Are Often More Contentious
When it comes to divorces that deal with high-value assets, it is much more likely for couples to be combative, especially when dealing with property division. When spouses have many assets, especially assets that are expensive, it can be even more difficult to figure out who gets what. It may be necessary to hire an appraiser to determine the value of any large assets or property such as real estate, businesses, vehicles, boats, jewelry, artwork, or other expensive items.
High-Value Divorces Are More Likely to Be Long and Expensive
When divorces are contested, or there are a lot of issues to settle, it is likely that the proceedings will be long and drawn out, which can get expensive quickly. Although nobody wants a lengthy divorce, couples in high-asset divorces may also be better equipped with the funds to pay for divorces that require a lot of negotiating and help from lawyers.
Child Support Calculations Can Be Different
In the state of Illinois, there is a formula that is used to determine the appropriate amount of child support for children whose parents are no longer married. The two main factors that the formula takes into account are each parent’s monthly income and the amount of parenting time each parent has. In some cases, income from a couple with a high net worth may exceed the highest level of income that is shown on the tables used for calculating child support. When this happens, it is up to the judge’s discretion as to how much child support would be appropriate.
Contact an Aurora Divorce Attorney
Because of all of the complexities and added issues, a skilled DuPage County high-asset divorce lawyer can provide much-needed advice to high-net-worth couples who are divorcing. At the Law Office of Matthew M. Williams, P.C., we have more than a decade of experience helping couples finalize their high-value asset divorces. Contact our office today to see how we can help you navigate the proceedings and achieve a stress-free resolution. Call our office at 630-409-8184 today to schedule a consultation.
https://www.forbes.com/sites/heatherlocus/2019/01/10/what-jeff-and-mackenzie-bezos-and-all-high-net-worth-couples-need-to-do-to-avoid-a-messy-divorce/#322363be71bb https://www.dmagazine.com/sponsored/2018/11/the-high-net-worth-divorce/ http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59