High net worth is not necessarily a term used the courts. A high net worth divorce is a common misunderstanding. The best guidance might be Section 504 of the Illinois Marriage and Dissolution of Marriage Act. The section discusses maintenance and there is a recent change that is going into effect. Will County high net worth divorce cases are treated the same. There are no requirements or specific numbers that identify when someone is considered high net worth in Illinois. If you want to know more about high net worth divorce, speak with a skilled divorce lawyer to learn more.
When the parties combined gross income is more than $500,000, they are in a different situation. That is gross income and does not consider any assets. High net worth assets are fact specific. Most people own their home and each party might have $100,000 in their retirement account. They may have additional money in their checking and savings accounts as well as vehicles. Not many people have multi-million dollars’ worth of financials.
When assets are $500,000 or more, the parties start considering a higher net worth and should figure out who gets what. That can be tricky depending on how the assets are held but in terms of trade dollar amount, a $500,000 income could be a starting point.
An income of $500,000 is the gross income threshold for purposes of changing maintenance. In terms of asset distribution, the courts are free to distribute assets in any manner that is equitable under the unique factors of the Will County high net worth divorce. Sometimes, one party acquired assets before and after the marriage. In that situation, the courts try to evaluate how much of that is non-marital versus marital and how much is considered the results of the efforts of the spouse who made it versus the other spouse.
The courts contributions of both spouses is one of the factors the court may consider. For example, $1,000,000 outside of Cook County may be treated differently than some place in Cook County, DuPage County, or Lake County. Some of the counties are known to have more money than others. In Will County or Kankakee, a million dollars could be considered higher end.
The most important factor to consider is when the net worth was acquired during the marriage, it is considered marital. If the net worth was acquired before the marriage, it is non-marital. The efforts of the parties might be considered. If one party made more effort than the other party, that might be a factor the court would consider in terms of distribution. The fact an asset is held in one person’s name does not necessarily change the evaluation process. The court first determines if the asset was acquired during the marriage.
If you want to know more about high net worth divorce in Will County, you should speak with a qualified divorce lawyer. A knowledgeable attorney could answer any questions you may have and work tirelessly to defend your assets. Contact an experienced legal advocate and know that you are in capable hands.