Common Issues in High Asset Divorces
High asset divorces, or high net worth divorces, in DuPage County often come with their own complications and issues that make them distinct from more traditional or straightforward divorce cases. Whether you are currently in a marriage in which one of the spouses was the primary earner, or both spouses together have been high earners during the marriage, it is critical to learn more about the particularities of high net worth divorces in Oakbrook Terrace and throughout DuPage County.
At Farooqi & Husain Law Office, we know how important it is to have an experienced and dedicated attorney on your side who understands your situation. Our firm has been representing members of the DuPage County Muslim community for years, and our Oakbrook Terrace family law attorneys are here to assist you with your case. In the meantime, the following are some of the common issues that you might anticipate in a high asset divorce in Illinois.
Complex Property Division
Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), divorces in the state require that all property owned by the spouses be classified as either separate property or marital property. When it comes to dividing property in the divorce, only marital property is divisible, and it is divided according to the theory of equitable distribution.
In high asset divorce cases, spouses often have complex marital property that can require expert valuations or appraisals, and for which it may be difficult to determine an accurate market value. For example, many high net worth divorces involve the division of valuable art collections or international real estate investments. Complex property division often requires your lawyer to have experience handling high-value property and in some cases working with other experts to determine an accurate value.
Concealed or Hidden Assets
In some high asset divorces, particularly when just one of the spouses has been the primary earner during the marriage, a spouse might attempt to hide or conceal assets so that they will not be divided in the divorce. When a case involves concerns about hidden assets, it is often critical to add a forensic accountant to your divorce team to locate concealed assets, whether they have been placed in different accounts or “gifted” to friends or family members.
Spousal Maintenance Calculations
Currently, Illinois courts use a formula to calculate the amount and duration of spousal maintenance in most divorces when a court determines that spousal support is appropriate. However, the guidelines only apply in cases where the parties collectively earn less than $500,000 annually. As such, in many high asset divorces, the spousal maintenance calculation becomes much more complicated because the guidelines may not be applicable.
Contact a DuPage County Divorce Lawyer Today
If you have questions about the complications that can arise in a high asset divorce, or if you need assistance preparing for your divorce case, one of our experienced DuPage County divorce attorneys can speak with you today. Our firm is committed to serving the DuPage County Muslim community, and we can help you with your divorce from start to finish. Contact Farooqi & Husain Law Office online or call our firm at 630-909-9114 to learn more about the services we provide.