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Barrington High Net Worth Divorce Lawyer

Elk Grove Village high income divorce attorney asset division spousal maintenance

Attorneys for High Income Divorce Cases in Barrington

If you are looking to get divorced, you will first need to take care of various legal matters. The process of dissolving a marriage can be difficult in any situation, but some unique and complex financial concerns may arise in situations where either you or your spouse earn an income that is above average or when you have accumulated significant assets. In these situations, an experienced divorce lawyer can help protect your financial interests.

If you are involved in a high net worth divorce, A. Traub & Associates can help you navigate the legal landscape and make sound decisions for your future. We will stand by your side throughout the entire process to ensure that your best interests are protected, helping you reach a resolution that leaves you in a good position moving forward.

Issues That May Arise in High Net Worth Divorce Cases

No matter the level of income that you and your spouse earn, you will need to address multiple types of financial issues before your marriage can be dissolved. Decisions about the division of marital assets will need to be made, and in some cases, financial support may also be paid by one spouse to the other. If you have a high net worth, some additional complicating factors may need to be addressed, such as:

  • Valuable assets - Your marital estate may include multiple types of valuable property, such as your family home, investments, and business assets. You may need to work with appraisers to gain a full understanding of how much these assets are worth. Even after you know the value of your property, it can still be difficult to decide how to divide it all in a way that is fair for both of you, and you may need to work with accountants or other experts to make sure you understand the benefits and drawbacks of owning different assets.
  • Concealed assets - You may be concerned that your spouse may try to hide assets or income from you. This may be done in order to avoid having to divide certain assets or to attempt to lower the amount of financial support they will be required to pay. In these situations, you may need to work with a forensic accountant to identify hidden assets and make sure they are considered correctly during your divorce.
  • Spousal support - If there is a significant disparity between your income and your spouse's income, the higher-earning spouse may be required to pay ongoing support to the other party. While the amount that will be paid is usually calculated using a formula defined in Illinois law, this formula may not apply if the combined gross income of you and your spouse is over $500,000. If this is the case, spousal maintenance may be set at an amount that is fair based on your circumstances, the financial resources available to you and your spouse, and the needs of both parties.
  • Child support - The amount of financial support that parents are required to provide to address their children's ongoing needs is determined based on a couple's combined income. If you have a high net worth, multiple sources of income may need to be accounted for, and complex factors such as tax deductions, bonuses, or deferred compensation may need to be considered to ensure that both parents are contributing toward your children's needs. You may also need to address extraordinary child-related expenses, such as private school tuition, and you may need to determine how the two of you will share the costs of your children's college education.
  • Pre- or postnuptial agreements - If you or your spouse owned significant assets before getting married, you may have signed a prenuptial agreement. A postnuptial agreement may also have been created to address assets you acquired during your marriage. During your divorce, you will generally be required to abide by the decisions made in a prenuptial or postnuptial agreement regarding issues such as spousal support or asset division.
  • Tax considerations - You will want to be aware of the tax implications of dividing certain assets, such as funds in retirement savings accounts or real estate properties that you own. It is also important to understand how child custody decisions will impact the tax deductions or credits you can claim going forward.

Contact a Schaumburg High Net Worth Divorce Lawyer

If you have questions about how high levels of income or a large net worth will affect your divorce, A. Traub & Associates can provide you with legal guidance and effective representation. Our team will help you understand the legal and financial issues that you will need to address, and we will advocate on your behalf to make sure financial matters will be taken care of correctly. Get in touch with us at 630-426-0196 today to learn more about our family law services.

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