High Asset Divorce in Illinois

 Posted on June 28,2024 in Divorce

Divorce can be complicated regardless of the specific circumstances. When the couple has a lot of money and valuable assets, the complications can intensify. Everything that needs to be addressed in any other divorce is part of a high asset divorce, but since the values in question are so high, the stakes can feel even higher than usual. If you have a sizable marital estate and are contemplating divorce, speak with a knowledgeable Warrenville, IL high asset divorce attorney who can offer you tailored guidance on how to protect your interests.

Equitable Distribution in Illinois

When a couple gets a divorce in the state of Illinois, marital assets are divided according to what is known as an equitable distribution. That means that, unlike the equal distribution used in some states, the division of assets will be based on what the court considers "fair" based on each person’s needs and contributions to the marriage. Instead of splitting the value of all assets in half and giving each spouse an equal portion, the court will take into consideration several factors, including:

• How long the couple was married
• Each spouse’s income
• Each spouse’s financial contributions
• If either spouse supported the other’s career (for example, by taking on more responsibilities at home)
• Each person’s prospects for income in the future

In a high asset divorce, each spouse generally hires their own lawyer. The lawyers then help them navigate the legal process while protecting their client’s interests. They use things like financial reports, bank statements, property deeds, and business records to show the value of what each spouse owns.

Hiding assets is against the law, but people sometimes do that anyway to avoid needing to divide them. If you suspect your spouse of doing this, your lawyer can help you by using a forensic accountant who investigates to uncover anything that has not been disclosed.

If a high asset couple has one spouse who has generally worked more and earned more of a living and another spouse who has generally stayed home more to manage the household and care for their children, Illinois courts often decide to award the nonworking spouse alimony, otherwise known as spousal support. The purpose is to ensure that the divorce does not ruin the nonworking spouse financially, even though they spent years at home rather than developing their career.

Schedule a Free Consultation with a DuPage County, IL High Asset Divorce Lawyer

If you and your spouse are considering a high asset divorce, you might be worried about what it could mean for your financial future. An experienced Wheaton, IL divorce attorney can protect your interests and advocate for you to have a fair divorce settlement so you can begin the next chapter in your life with confidence. Call Hensley Sendek Law at 630-358-9029 to schedule a free consultation.