Handling Spousal Support in an Illinois High-Asset Divorce

 Posted on May 25,2021 in Illinois Divorce

Divorce can be hard on a couple no matter their income level. In fact, a couple with a high net worth can face some of the most difficult complications when it comes to the financial aspects of divorce like the division of assets and spousal maintenance. If you are ending a marriage in which one spouse was the primary earner, there is a good chance that spousal support will be a factor in your divorce resolution. It is important to understand how this issue is handled in Illinois family court, as well as the options you may have for reaching an agreement.

Spousal Maintenance Decisions in an Illinois Divorce

There are a number of situations in which spousal maintenance may be necessary to ensure a fair resolution to a high-asset divorce. One common example is a situation in which one spouse did not work but instead relied entirely on the other spouse’s income and assets. In a case such as this, a high-earning spouse may want to retain full ownership of high-value businesses and real estate properties, which can lead to an even greater financial disparity. Spousal maintenance may be the best option to ensure that the other spouse can support themself after the divorce.

According to Illinois law, another possible reason for spousal support is to help a spouse maintain the standard of living they have become accustomed to during the marriage. In a high-asset divorce, even a spouse who works and earns their own income may have a case for maintenance if the other spouse has significantly greater income and assets.

Options for Addressing Spousal Support in Your Divorce Resolution

If spousal support is a likely factor in your high-asset divorce, here are some ways that you can resolve this issue:

• A prenuptial or postnuptial agreement - Many couples find it best to address the issue of spousal support well before a potential divorce happens and sometimes before the marriage begins. Spousal support provisions in a prenup or postnup can help the lower-earning spouse feel more financially secure in the marriage.

• Negotiation or mediation - Even without a prenup or postnup, you and your spouse may be able to negotiate a fair spousal support agreement, perhaps with the help of a mediator, which allows you to maintain control over the details.

• Litigation - If you and your spouse cannot agree on spousal support, the decision may be left in the hands of the court. In most divorce cases, the judge will use a standard calculation to determine a fair amount of spousal support based on each spouse’s income. However, if you and your spouse have a combined income of at least $500,000, the court can deviate from this calculation to issue an order that it deems appropriate.

Contact a Kane County Spousal Support Attorney

At Weiler & Associates, Inc., our attorneys have experience handling a variety of complicated issues associated with high-income divorce cases, including awards of spousal maintenance. Whether you are the likely paying spouse or receiving spouse, we can represent you in negotiations or litigation to protect your interests. Contact our St. Charles, IL high-asset divorce lawyers today to learn more about our services. Call 630-331-9110 for a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k504.htm