Unique Issues In High Net Worth Divorces
Some divorces are more complex than others. Divorces that involve high net worth assets may be at the top of the list of complexity. At Blacha Law Office, LLC, we know how to handle the most challenging divorces because we know the difficulties that come with them. You can trust our experienced Illinois team to offer you the guidance you need regarding any issue of divorce. To help you get the answers you need, we took the time to answer some questions you may already have:
How are alimony payments calculated?
In Illinois, there is a basic formula that courts use to determine alimony. The formula bases alimony on one-third of the payer’s income minus one-quarter of the recipient’s income. Spousal support also cannot be more than 40% of the total income of both spouses.
How to determine equitable division?
Illinois is a state that does not split assets in a 50-50 manner during a divorce. Instead, it uses equitable distribution to split the estate, including retirement accounts, stocks, real estate and other assets. Factors that determine how the assets are divided include: how long the couple was married, any nuptial agreements, child custody and alimony provisions, each spouse’s contributions to the marriage and claims of financial fraud or dissipation.
How is the value of a house determined in divorce?
Whether you need to get an accurate valuation of a house to sell it or negotiate for it, there are several options you can use. A comparative market analysis (CMA) determines the value by looking at three similar homes in the area that are for sale or were recently sold. Having a licensed appraiser come in to give an appraisal is also another option for getting the home’s value.
What is separate property?
In the asset division of a divorce, the process typically does not look at spouses’ separate property. Unlike shared property or assets gained during the duration of the marriage, separate property refers to the assets that the couple acquired during the course of their marriage.
Can my ex hide assets during a divorce?
Combining assets can be a costly decision in divorce. In fact, nearly one in three adults who solely manage the finances in their marriage admit to lying about money. Despite it being illegal, hidden assets are a serious problem in divorces, especially those with significant assets. Even if you have no reason to suspect there are hidden assets, make sure your attorney is looking for them.
How does a high net worth divorce impact child custody?
Typically, we have seen more factors play into high asset custody situations. When negotiating for custody, it is important to consider these factors, including work schedules, travel, potential child stability and extracurriculars like sports and band. We can help ensure that your custody agreement accounts for all the unique details of your divorce.
How do I protect my financial future?
Protecting yourself during a divorce is only a portion of what you need to do to look after your best interests. Before you even file for divorce, you can take steps to protect your finances in the future, including keeping thorough records of your assets and establishing a credit score in your name only. Additionally, keeping your divorce goals flexible can keep you from sacrificing too much for a single goal.
How do I start preparing for divorce?
If you suspect your spouse is going to file for divorce, you are considering filing yourself or you are already dealing with a divorce, contact our experienced and dedicated team. We have offices across the state, and we are ready to help you secure the best results possible in your divorce while looking out for your best interests. Call us at 630-283-1987 or email us here to schedule your initial consultation today.