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Arlington Heights High Income Divorce Lawyer

Elk Grove Village high income divorce attorney asset division spousal maintenance

Attorneys for High Income Divorce Cases in Mount Prospect and Rolling Meadows

When a couple decides to get a divorce, they will need to address a wide variety of legal issues before their marriage can be officially dissolved. While the divorce process can be complicated for any couple, it can become especially complex if either spouse earns a high income or if a couple has a high net worth. In these cases, it is essential to secure representation from a skilled divorce lawyer.

At A. Traub & Associates, our attorneys understand the legal issues that must be addressed during a high net worth divorce case. We can provide you with the guidance you need as you work to resolve the legal and financial concerns you face. We will advocate for your financial interests throughout the divorce process, helping you reach a positive outcome to your case.

Common Issues in High Net Worth Divorces

Regardless of a couple's income level, they will typically need to resolve issues such as the division of marital property, child custody, and child support in order to complete their divorce. However, a variety of additional concerns may arise in divorce cases involving large incomes or high net worth, including:

  • High-value assets - In a high asset divorce, couples may own a variety of valuable property, including real estate, investment accounts, and business interests. Determining the value of these assets often requires the assistance of experts like financial appraisers. Deciding how to fairly and equitably divide this property can be a complex process.
  • Hidden assets - In a high net worth divorce, the potential exists for one or both spouses to attempt to conceal assets or income from each other. They may do this in order to avoid dividing property or because they wish to reduce their spousal support or child support obligations. The assistance of a forensic accountant may be necessary to uncover all of the assets owned and income earned by a couple.
  • Spousal maintenance - In many cases in which a spouse earns a high income, the other spouse will be eligible to receive spousal support. However, the statutory formula used to determine the amount of alimony in Illinois only applies when a couple's combined gross income is under $500,000. If income exceeds that amount, maintenance will be determined on a case-by-case basis, based on what a judge believes is fair and reasonable.
  • Child support - Parents' child support obligations are based on the income earned by both parties. For those who earn a high income, a variety of factors may need to be considered, including multiple sources of income, complex forms of executive compensation or benefits, and allowable tax deductions. 
  • Prenuptial or postnuptial agreements - Spouses with a high net worth may have signed a marital agreement either before getting married or during their marriage. The terms of these agreements may affect issues like property division or spousal maintenance.
  • Tax issues - The division of some types of assets, such as real estate property or retirement accounts, can come with tax consequences that spouses should be aware of. In addition, spouses should be sure to understand how the decisions made about custody of their children will affect the tax credits and deductions they are able to claim.

Contact a Palatine High Net Worth Divorce Attorney

If you or your spouse earn a large income, or if you have a high net worth, A. Traub & Associates can help you achieve a full understanding of the legal issues involved in your divorce, and we will work with you to reach a settlement that protects your financial interests. With our help, you can be prepared for success once your divorce is complete. Contact us today at 847-749-4182. We represent divorcing spouses in Arlington Heights, Hoffman Estates, Rolling Meadows, Des Plaines, Palatine, Inverness, Mount Prospect, Wheeling, Schaumburg, Long Grove, Elk Grove Village, Buffalo Grove, and throughout Northwest Cook County.

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