St. Charles High Asset Divorce Lawyers

St. Charles Family Law Attorneys Helping Fathers Establish Paternity

High-income couples face many unique challenges in a divorce, and one high-income divorce can be very different from another. Just consider these four distinct examples:

• Both spouses are high earners at the top of their careers, making them equally able to support themselves and their children post-divorce.
• One spouse cut back on their career to focus on home and family management, leaving them in a weaker financial position relative to the spouse who is now the primary income earner for the family.
• One spouse inherited substantial money or a family business which has been commingled with marital assets, making it more difficult to separate marital and non-marital assets.
• One or both spouses are nearing retirement, making the equitable division of pensions and retirement accounts their top priority.

At Weiler & Associates, Inc., we are well-versed in the complexities of high income, high net worth divorce in all types of situations. You can rely on our knowledge and experience to provide sound counsel in regards to all of the issues raised above. We do not hesitate to bring in financial and tax advisors to help ensure that you have all the facts needed to make wise decisions for your financial future.

Top Issues in High Net Worth Divorce in Illinois

For high income, high asset couples, almost every aspect of your divorce settlement is affected. Here are some key areas you will want to discuss with your attorney:

• Definition and division of marital property – When both spouses came into the marriage with significant assets and/or debts, and substantial new assets, debts, and/or inheritances were acquired during the marriage, it can take some time and effort to separate out the value of marital property versus non-marital property. The question of spousal maintenance is often resolved in combination with the division of property.
• Marital home division – Will either of you be able to maintain your existing family home on your own, or will you want to downsize?
• Retirement account and pension division – If both spouses have high-income careers, is any redistribution of retirement savings appropriate?
• Executive compensation – Many corporate executives have complex compensation plans that involve large but variable performance-based bonuses, stock options, restricted stock in which ownership is vested over time, and deferred compensation which is not distributed until the executive retires or becomes disabled.
• Business valuation – When one spouse has inherited or developed a business, or if both spouses have contributed to a family business, the valuation and division of the business may be hotly disputed.
• Prenuptial or postnuptial agreements – Since your life may have changed significantly since such an agreement was drawn up, one spouse may want to enforce a certain prenup clause while the other wants to contest it.
• Child support – Couples with high income may wish to include in their marital settlement agreement a schedule of payments for "beyond basic needs" expenses for children such as private school tuition, summer camps, music lessons, and sports programs.
• Tax consequences – When appreciated property must be sold and divided, or when spousal maintenance is requested, tax consequences should be a key consideration in your decisions.

St. Charles Divorce Lawyers for Your High Net Worth Divorce

The divorce attorneys at Weiler & Associates, Inc. are highly experienced in the issues of high income, high asset divorces. Contact us at 630-331-9110. We serve clients in St. Charles, Geneva, and neighboring communities in Kane County.