Lavin & Parisi, Attorneys at Law

High-income spouses have to think clearly about divorce

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Divorce is always a difficult process, but there are two reasons that it can involve even more effort and perhaps disagreement than a divorce between couples who don't have significant wealth. The first is the emotional attachments that have to change so that people can move on to a better life after their marriage ends. The second is managing the property and assets from a marriage that is ending.

This process often proves the most challenging for people dealing with large amounts of money, property and other assets earned and accumulated during the marriage.

Highly-paid corporate executives often have more assets than cash and a home. Benefits, retirement accounts, vesting rights and stock options may all be subject to sharing in an Illinois divorce. Capital gains on investments and private retirement planning are also valid for splitting.

Executives may wish to speak with a number of financial experts who can give insight into how ongoing arrangements such as alimony or child support may be valued by the court. Cash flow projections and benefits valuation can help predict future costs and liability.

High-income spouses who are going through a divorce rely on Illinois courts to determine an "equitable" distribution of marital assets between the two of them. The court may consider how much effort went into the earning of assets and as well as future requirements for property and income.

Along with your Illinois family law attorney, a financial adviser and/or wealth manager can help you work out how which marital assets that you want to take out of the marriage.

Source: Crain's Chicago Business, "Wealth Management: The Executive Divorce," Jason G. Adess, Meighan A. Harmon and Pamela Lucina, accessed March 30, 2018

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