How Does a High Income Affect A Divorce in Illinois?

 Posted on May 20, 2024 in Divorce

One of the most complicated parts of divorce in Illinois is assigning financial obligations. Who is responsible for child support? Who should pay alimony? How will the debt be allocated? 

When courts make these decisions, they base them on several factors. One of those factors is the income level of each spouse. This impacts several parts of the divorce process, which is why any spouse with a high income who is considering getting divorced should consult a skilled high-income divorce attorney.

This article will discuss the different ways a high income can affect a divorce in Illinois.

Child Support

Before a court decides who should pay child support and how much should be paid, the judge will look at several factors. One of the most significant factors is the income level of each spouse. If one spouse is a stay-at-home parent with no income while the other spouse has a high net worth, the latter spouse will almost certainly be ordered to pay child support.

Spousal Support

In the same vein, spousal support — also known as alimony — will primarily be based on who has more money. If one spouse has significantly more wealth while the other cannot meet his or her financial needs, the former spouse will be the one to pay spousal support. How much should be paid is mostly based on the duration of the marriage and the needs of the payee, or the spouse who is receiving the alimony. Spousal support can be affected by a valid prenuptial agreement, but child support cannot. 

Debt

Marital debt, or debt that belongs to both spouses jointly, is defined by Illinois law as any financial obligation that:

• Was incurred during the marriage

• Benefited both spouses

• Exists at the time of divorce

So, for example, if both spouses used the same car, they might both be responsible for paying back the car loan.

In Illinois, marital debt is divided fairly, not equally. Here, too, several factors will determine who is more responsible for marital debt. If one spouse has no means to pay back debts while one spouse has sufficient means, a judge may assign more debt to the spouse with a higher income.

Asset Division

Like debt, marital property is also divided fairly, not equally. What constitutes fair, however, is subjective and spouses are likely to disagree about what exactly that means. Marital property is defined by Illinois law as assets that were acquired during the marriage, with some exceptions. If one spouse has a high income, he or she is likely to have more assets that will be divided with the other spouse, but this can be subject to other factors. 

Contact an Arlington Heights, IL High-Income Divorce Attorney

When at least one spouse has a high income, it adds an extra degree of complication to the divorce. Hiring the right Arlington Heights, Illinois high-income divorce lawyer can make the process smoother.

At A. Traub & Associates, we are highly skilled in handling high-income divorce cases. Our high-income clients let us handle their divorces because they know we will protect their assets as much as possible under the law. Call 847-749-4182 today to find out how we can defend your interests.