Question By: Whatever the reason for your divorce, most breakups follow the same legal process in Illinois. First, one spouse files the divorce petition, then there is a discovery and negotiation phase. Then, a settlement is entered in the divorce court as a final decree of divorce. Divorces are almost always painful and difficult experiences for married couples. However, divorce can be even more challenging when there is a lot of money involved. There are considerable differences when divorce involves people with high net worth. The discovery and negotiation process can be more contentious in these complex cases. Contact Chicago high net worth divorce lawyer Michael C. Craven if you have questions. Illinois law establishes guidelines for how alimony is handled. For example, not all divorces with high-net-worth couples have spousal maintenance. But the divorce judge can decide if alimony is necessary or not. In most cases, alimony is only provided when there is a significant income.
The Factors that Can Complicate High Net Worth Divorces
Generally speaking, any divorce involving assets valued at or beyond $1 million is considered a high net worth divorce. If a couple’s most significant asset is their home, other assets they own might not be so difficult to address. This is to say that not all high net worth divorces are complicated, but many can be if a variety of significant assets are involved.
These are a few types of significant assets that may contribute to the complexity of a high net worth divorce:
* Business ownership
* Real estate (other than a primary residence)
* Retirement accounts
* Stock options
* Investment portfolios
* Vehicles
* Jewelry
* Artwork
Visit https://www.divorcelawyerschicago.org/how-high-net-worth-divorce-cases-are-different/ today for a complimentary consultation.
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