Arlington Heights, IL High Income Divorce Attorneys

Trusted Attorneys for High Net Worth Divorce in Arlington Heights, Illinois

When a couple decides to get a divorce, they will face multiple types of legal concerns that must be resolved before their marriage can be officially dissolved. While the divorce process can be complicated for any couple, it can become especially complex if either spouse earns a high income or if a couple has a high net worth. If you will be dealing with these types of financial concerns, it is essential to secure representation from a skilled divorce lawyer who can help ensure that legal and financial issues will be handled correctly.

At A. Traub & Associates, our attorneys understand the legal issues that must be addressed in a divorce involving high incomes and valuable assets. We can provide the guidance you need as you work to resolve the legal and financial concerns you may face. We will advocate for your financial interests throughout the divorce process, helping you achieve your goals.

Common Issues in High Net Worth Divorces

Regardless of a couple's income level, they will typically need to resolve issues such as the division of marital property, child custody, and child support in order to complete their divorce. However, a variety of additional concerns may arise in divorce cases involving large incomes or high net worth, including:

• High-Value Assets: In a high asset divorce, couples may own a variety of valuable property, including real estate, investment accounts, and business interests. Determining the value of these assets often requires the assistance of experts like financial appraisers. Deciding how to divide this property can be a complex process.
• Hidden Assets: In a high net worth divorce, there are many ways that one spouse may try to conceal money or property from the other. They may do this in order to avoid dividing property or because they wish to reduce their spousal support or child support obligations. The assistance of a forensic accountant may be necessary to uncover all of the assets owned and income earned by a couple.
• Spousal Maintenance: In many cases in which a spouse earns a high income, the other spouse will be eligible to receive spousal support. However, the statutory formula used to determine the amount of alimony in Illinois only applies when a couple's combined gross income is under $500,000. If income exceeds that amount, maintenance will be determined on a case-by-case basis, based on what a judge believes is fair and reasonable.
• Child Support: Parents' financial obligations toward their children will be based on the income earned by both parties. For those who earn a high income, a variety of factors may need to be considered, including multiple sources of income, complex forms of executive compensation or benefits, and allowable tax deductions.
• Prenuptial or Postnuptial Agreements: Spouses with a high net worth may have signed a marital agreement either before getting married or during their marriage. The terms of these agreements may affect issues like property division or spousal maintenance.
• Tax issues: The division of some types of assets, such as real estate property or retirement accounts, can come with tax consequences that spouses should be aware of. In addition, spouses should be sure to understand how the decisions made about custody of their children will affect the tax deductions and credits they are able to claim.

Contact Our Arlington Heights, IL High Net Worth Divorce Attorneys

If you or your spouse earn a large income, or if you have a high net worth, A. Traub & Associates can help you achieve a full understanding of the legal issues involved in your divorce, and we will assist you in negotiating a settlement that will protect your financial interests. With our help, you can be prepared for success once your divorce is complete. Contact us today at 847-749-4182.