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How is Money Divided in an Illinois High Asset Divorce? 

 Posted on September 15, 2023 in Divorce

shutterstock_2236419905-1-min.jpgThe prospect of dividing assets in a divorce can be seriously daunting. You may have spent a lifetime building up your business, or you may have decades of investments and savings with your spouse. Despite this success, your marriage has fallen apart and now you are wondering what happens next. 

While this worry is understandable, we assure you that you are not alone. An experienced lawyer can assist you through this process. Here at Pesce Family Law, we are available to assist you on your path and guide you along the way.

What is Considered a High-Asset Divorce?

In order for a divorce to qualify as a "high-asset divorce," a couple must have a considerable amount of money. A couple is typically included in this category if they have a net worth that is over one million dollars, although it can depend on whether assets are liquid. 

How Will My Money Be Divided in a High Asset Divorce?

In the Prairie State, there are detailed laws about how a couple must split their wealth during divorce. The principle of equitable distribution requires that the couple's assets be distributed fairly, but this does not necessarily mean equally. 

The process of dividing assets can become quite complicated. You may disagree strongly about the worth of certain assets and may have to litigate your differences in court. Here are a few items that will likely require special attention:

  • Investment and retirement funds: Pensions, IRAs, 401(k)s, and more may all be subject to division in a divorce unless they are protected by a prenuptial or postnuptial agreement.

  • Possessions of significant value: Any possessions that have an unusually high value fall into this category. Rare artwork, baseball card or coin collections, antiques, and unique jewels may all be worth a significant amount of money.

  • Expensive real estate: Valuable homes or investment properties will fall into this category. This often includes vacation homes and property abroad. 

How Does a Judge Divide Assets Evenly?

If a couple cannot agree about how to divide their assets, a judge may have to do it for them. The answer to this question is quite complex as each case is different. However, here is a basic overview of what questions the court may look at in order to make sure that the division of assets has been fairly split. 

  • Is one partner of the couple going to receive alimony?

  • Is each member of the couple healthy? 

  • Is each member able to secure employment?

  • Was there a prenuptial agreement signed prior to the marriage?

  • Has each member of the couple contributed financially in the past? 

Depending on the answer to these questions, a judge will then decide how to proceed with the division of assets in a manner that is fair.

Schedule a Meeting with a Naperville, IL High Net Worth Divorce Attorney

Whether you have a high-asset divorce or not, the divorce process can be draining and confusing and it is normal to worry about your future. For experienced help from a DuPage County, IL high net worth divorce attorney call Pesce Law Group, P.C.. You can contact us online or at 630-352-2240

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