Three Things to Consider in a High Asset Divorce

 Posted on December 13, 2024 in High Asset Divorce

Divorce is complicated enough, but a couple with a high net worth may run into even more issues during the dissolution of a marriage. Dividing up shared property and wealth in a high-asset divorce can be extremely complex, requiring a thorough appraisal of all marital property. If you are going through a high-asset divorce, an attorney can represent you inside and outside of court, making sure that your financial interests are protected. In cases of high-asset divorce, the experienced DuPage County family law attorney at Fawell & Fawell is prepared to give you his full attention to help ensure a clean separation.

Shared Businesses

A shared business in a marriage can be profitable. However, the turmoil of a high-asset divorce can threaten to interrupt regular operations, especially when dealing with problems of ownership. If you started a business prior to a marriage, it may be considered a non-marital asset and therefore not subject to division. However, if your spouse contributed to the business during the marriage, the courts may consider any gain to the value of the business to be a marital asset. As such, you will have to reach an equitable compromise with your spouse, whether that means buying out his or her interests, selling the business itself, or continuing to maintain joint ownership.

Real Estate

In most divorces, the marital home may be the couple’s only real estate concern. However, in high-asset divorces, the couple might have additional properties to worry about, such as vacation homes or rental properties. If a real estate property was passed down to you via inheritance or given as a gift, the courts are more likely to consider it a non-marital asset. If not, the property will need to be appraised and split according to Illinois’s principle of equitable distribution. 

Depending on your financial situation, selling the real estate property may be a more feasible option rather than continuing to pay the mortgage. In that case, the amount earned from the sale would be divided between you and your spouse, not necessarily in a 50/50 split.

Spousal Support

Spousal support, or alimony, is a consideration in every divorce. In Illinois, the courts often refer to a standardized formula to determine how long alimony payments will last and how much is paid per month. However, the standard formula only applies to marriages where the couple has a gross annual income under $500,000. If you and your spouse exceed that figure, the courts will have to make an individual judgment for alimony based on various factors, including the duration of the marriage, the age of you and your spouse, and your respective incomes. It is important that you have a skilled family law attorney who can advocate for you in negotiations, regardless of whether you are seeking spousal support or paying it.

Meet With a Wheaton, IL Family Law Attorney

In a high-asset divorce, you might have significant assets on the line. A DuPage County, IL family law attorney can provide you with private, supportive counsel during this process, keeping you informed of your rights every step of the way. To schedule a free consultation with Fawell & Fawell, call our offices at 630-871-2400 today.