High Net Worth Divorces are Complex, Creating Additional Challenges in Any Divorce
In a standard divorce, issues such as child support, maintenance, the division of debt, and property division can be difficult and expensive if not handled properly. When amplified in a high net worth divorce, these issues become all the more complex, increasing the emotional and logistical stress of any case.
For over 35 years, Larry and the team at Lawrence R. Surinak Ltd. have been negotiating and successfully settling high net worth divorces. With a dedication to protecting your financial interests and limiting litigation when possible, our first priority is to create a stable financial future for both you and your children.
Your Divorce Doesn’t Have To Be Expensive – Property Division, Division of Debt, Maintenance, and Child Support are Among the Most Common Issues in Any High Asset Dissolution
When a significant amount of property and assets are involved in a divorce, it’s uncommon for spouses to quickly resolve their differences and settle. This is particularly true when considering issues such as expensive property division, the division of debt, maintenance or spousal support, and child support, among others.
For this reason, it’s important to retain a law firm with experience in negotiating all of the most important matters of any high net worth divorce without expensive overcharges. Doing so not only protects your financial interests but also guarantees you reach a favorable outcome for all of the most contentious issues of the divorce.
While Illinois is an Equitable Distribution State, it Doesn’t Mean All Property and Debt is Divided Equally Between the Parties
Although Illinois is an equitable distribution state, property, debt, and other issues aren’t always split equally between you and your spouse. In fact, the distribution of all assets and debts will depend upon the value of marital assets including retirement plans and stock options.
At Lawrence R. Surinak Ltd., we take great care to value all marital assets properly. We also ensure all marital and non-marital property is properly distinguished to protect your interests during and after your legal separation. By partnering with experienced, reputable financial experts, we guarantee that all assets are exposed and justly divided between the parties without unnecessary and expensive delays.
Offering a Strategy for Your High Net Worth Divorce, Not Just Standard Services
While most any law firm can handle a high net worth divorce, few can offer strategic advice regarding high value assets and the taxes and other issues commonly associated with them.
With over three decades of experience with clients with varying degrees of financial assets and needs, we’re confident we can offer a strategy that suits your needs and interests.
Contact Lawrence R. Surinak Ltd. Today to Discuss the Most Pressing Issues of Your Divorce Without Making It Expensive
If you’re considering a separation or your spouse has filed for divorce and there are significant assets involved, contact Lawrence R. Surinak Ltd. at 630-470-9990 or via our convenient online form. We’re glad to offer our 35 years of experience and extensive expertise to ensure the favorable settlement of your high net worth divorce.
We look forward to speaking with you and representing your interests, both financial and otherwise.
How is a High Net Worth Divorce Different From Others?
This can force any case into litigation, meaning that you must pay costly attorney’s fees and spend a significant amount of time in Court attempting to settle your case or perhaps even go to trial to allow the judge to decide the most appropriate course of resolution.
However, there are significant ways in which high net worth divorces differ from traditional divorces. Most importantly, high net worth cases will deviate from the law in child support and maintenance calculations. This simply means that instead of using the formulas identified in the Illinois Marriage and Dissolution Of Marriage Act (IMDMA), another process will be used.
Below, we explain why and what you can expect if you will be filing a high net worth divorce.
Why are Child Support Calculations Different in a High Net Worth Divorce?
The idea behind why calculations differ in a high net worth separation is simple: If you have two children, meaning the supporting spouse would pay 28 percent of his or her net income as support, the resulting amount would be disproportionate with regard to the children’s needs. For example, if your spouse earns $500,000 in net income per year, this would be $140,000 in child support. Most people, and Courts, would agree that such an amount is not necessary to support two children.
Because of this, the Court will deviate from the statutory law (i.e. the formulas for support laid out in the IMDMA), to calculate an amount of child support deemed fair and necessary. This protects the supporting spouse from overpaying while ensuring that the children are well-provided for, even if the statutory guidelines aren’t followed.
How is Maintenance Different?
Like child support, maintenance has a formula under the IMDMA. Typically, spouses being awarded support are given the difference between 30 percent of the payor’s gross income (i.e. the spouse paying support) minus 20 percent of the payee’s gross income (i.e. the spouse not paying support). This total is then divided by 12 for the official monthly payment.
It’s important to understand that there is more to the rule than just this calculation. In fact, the amount the payee receives may not exceed 40 percent of the combined gross income of the parties. As such, deviations are common in high net worth cases.
Rest assured that if you’re a stay-at-home parent with no income and your spouse earns a high income each year, this doesn’t mean you won’t receive enough to live a comfortable life. In fact, the Court takes special care to ensure you have enough as well as the ability to enjoy the same standard of living established during your marriage.
High Net Worth Divorces Require a Certain Level of Skill and Attention
When you have a substantial amount of property to divide as well as the issues of maintenance and child support up in the air, it’s vital that you retain a law firm with extensive experience in negotiating high net worth divorces. At Lawrence R. Surinak Ltd., we have over 35 years of experience negotiating high net worth divorces like yours.
If you’re concerned about your high net worth separation or have questions about your case, please contact us at 630-470-990 or request your free, 30-minute consultation online. We look forward to speaking with you and helping you negotiate the unique details of your case!