Wheaton High Asset Divorce Lawyer

High Net Worth Divorce Attorney in DuPage County

There is no doubt that divorce can be a highly complex and difficult process. That difficulty can be easily compounded when a divorcing couple has significant assets and property. As a result, high-asset divorces can be highly complicated affairs with many different legal issues to consider. Anyone approaching a high net worth divorce must be aware of the many considerations that may need to be addressed. A divorce attorney with knowledge of complex financial issues and experience representing clients in these types of cases can be an invaluable asset for spouses who earn large incomes or own valuable assets.

At Fawell & Fawell, we are committed to serving clients who are involved in high-asset divorce proceedings. Trust us to protect your financial interests and help you determine the best steps to take as you pursue a favorable outcome to your case. We can offer guidance on how to resolve the concerns you may encounter while providing effective representation during legal proceedings and helping you complete your divorce as quickly and efficiently as possible.

Division of Marital Assets

During a high net worth divorce, dividing marital assets can be a complex and confusing process. Illinois is a state that follows the principle of equitable distribution when determining how assets and debts will be allocated between divorcing spouses. This means that all property must be divided fairly between both parties, but it does not require an exact 50/50 split.

In a high-asset divorce case, marital property may include business interests, real estate, stocks and investments, life insurance, pension plans, and other complicated financial assets. A professional valuation of assets by forensic accountants, appraisers, or other professionals may be necessary to determine the full extent of a couple's wealth. High-income individuals must take special care when evaluating and assessing shared assets to ensure that their interests will be protected when making decisions about how ownership of different assets will be handled.

Child Support and Spousal Support Considerations

In high-asset divorces, child support and spousal support are additional financial concerns that may require special attention. Child support is calculated based on spouses' net incomes and the number of children who will need support. When parents earn high incomes or own valuable assets, multiple factors may need to be considered to ensure that child support is based on the financial resources available to them.

Another factor that can affect child support will involve the child-related expenses that parents will need to address. For example, expenses for healthcare, extracurricular activities, and education may need to be divided between parents, and the amount of a parent's obligations may be increased to address these costs. In high net worth divorce cases, parents may need to determine how to share the costs of nannies or other child care providers, private school tuition, or other extraordinary expenses.

Couples with a high net worth will also need to understand the spousal support guidelines that may apply in their case. These guidelines will be used to determine whether spousal support will be awarded, the amount that will be paid, and the amount of time payments will last after the completion of the divorce. When determining whether spousal support will be appropriate, factors such as the standard of living established during the marriage, each spouse's income, their financial needs, their earning potential, and each parent's responsibilities regarding their children will be considered. If there is a significant disparity between the incomes earned by spouses, spousal support is more likely to be awarded.

While the spousal support guidelines detail how the amount of payments will be calculated, the formula defined in Illinois law will generally only apply in situations where a couple's combined gross annual income is less than $500,000. If a couple's income exceeds this amount, an appropriate amount of spousal support will be determined based on the circumstances of their case.

Contact a DuPage County High Net Worth Divorce Attorney

High-asset divorces can be stressful, but it is important to ensure that financial concerns will be addressed correctly so that you will be able to meet your ongoing needs and maintain financial security in the years to come. While very few divorces will be entirely free of drama, a competent attorney can make the entire process a whole lot easier. At Fawell & Fawell, our experienced divorce attorney has ample experience in cases involving valuable assets, high incomes, and other complex financial concerns. We are prepared to do whatever is necessary to ensure that you will be able to achieve a favorable divorce settlement. For more information about our services, contact our office at 630-871-2400 and schedule a free consultation today.