The more assets involved in a divorce, the more complicated the process may be. Therefore, it is important for anyone involved in a high net worth divorce to work with an experienced New Lenox attorney. A skilled divorce lawyer can help you reach an agreement that protects what matters most to you.
New Lenox does not have its own laws in terms of what defines a high net worth divorce. It would be defined based on state laws. A good reference point would be maintenance statue, which is Section 5/504 of the Illinois Merits and Dissolution of Marriage Act. That says if the parties have a combined income less than $500,000, there are some basic guideline rules that apply and the court is ordered to comply with those and use the same system.
When the combined income is $500,000 or more, determining maintenance is more discretionary. There is not an exact guideline of how maintenance should be determined. An attorney can help determine whether a divorce would be considered high asset.
Individual net worth is different from joint net worth. When talking about individual net worth, they are looking at the individual party of the divorce. When talking about joint net worth, it is considering the net worth of both parties as a whole. However, individual versus joint net worth is not as important as marital versus non-marital property, meaning, if an asset was acquired as non-marital property, it belongs to one individual only. It does not belong to the marital estate and therefore cannot be divided in a divorce.
The role of a prenuptial agreement in a high net worth divorce is important when one party has a lot of money prior to the marriage. If one spouse is independently wealthy before the marriage, they can protect any assets they enter a marriage with in a prenuptial agreement. It could also say that assets acquired during the marriage remain one spouse’s because the person with a high net worth probably has the ability to continue to earn more. In a divorce, assets can be divided according to what is included in the prenuptial agreement.
Financial mediation may play an important role in a high asset divorce. The parties need to be able to understand the intricacies and the specifics of what assets are at stake. They are probably need to work with a high qualified professional who could help with their financials. The professional could help the parties reach an agreement more easily than if they were to try to do it on their own via traditional litigation through an attorney.
The other way the parties could us mediation is to reach agreements on issues concerning the children. A mediator can help the parties reach an agreement, which could help the family reach a solution that is best for them.
If you are involved in a high asset divorce in New Lenox, it is important to work with an experienced attorney who understands what is at stake. Call Reidy Law Office LLC today for the help you need.