While the marital asset division process in an Illinois divorce is fundamentally the same for everyone, couples or individuals with a high net worth have special considerations. Because high net worth assets are often complex, unique, or otherwise difficult to value, it is important to have the knowledge and assistance of a qualified Illinois divorce attorney and other financial professionals to help you throughout this process.

Are We Considered High Net Worth?

A person or couple’s “net worth” is the value of the assets they own, minus any debts or liabilities. The Securities Exchange Commission (SEC) is a governmental agency with the responsibility of ensuring fair market practices in the United States and the SEC defines a couple as being high net worth if their net worth exceeds one million dollars. A couple must also make over $300,000 a year in combined income.

Couples who have been working for many years may be surprised to find that they fall into the high net worth category, especially because this level of assets and income does not necessarily allow for a lavish lifestyle. Nevertheless, if you meet this threshold for high net worth, treat your divorce accordingly.

One of the greatest mistakes people make during their Illinois divorce is not planning for life after the divorce is over. Because many spouses are covered under their husband or wife’s employee health insurance, they may forget about dealing with health insurance and find themselves scrambling for coverage.

This is especially true for spouses who have been out of the workforce for many years because they are stay-at-home parents or homemakers. Private health insurance coverage can cost hundreds of dollars a month and divorcees may struggle to find a plan they can afford. Fortunately, Illinois has a law that allows individuals to continue receiving health insurance coverage from their former spouse’s plan following the divorce. Although this option does not last forever, it can be a good option for someone who would otherwise be uninsured.

How Can I Stay on My Spouse’s Insurance Plan?

Someone who wishes to remain on their former spouse’s insurance plan following a divorce must notify the spouse’s employer within 30 days of the final divorce decree. The insurance company will then send the non-employee spouse notification of continued coverage and other appropriate forms.

Life after divorce presents a unique set of challenges. Sharing parenting time with an ex-spouse can be very challenging, especially if that spouse refuses to follow the terms of the court-approved parenting agreement.

Illinois always considers the best interests of children when approving or making decisions about parenting agreements, and decades of research supports the idea that children do best when both parents can be involved in their lives. Illinois law, therefore, prohibits parents who share parenting time from moving children a long distance away without obtaining the consent of the other parent. It is important to understand Illinois child relocation laws and what your options are if your ex violates them.

When Can a Divorced Parent Move a Child Out of Illinois?

A parent who wishes to relocate and take their child with them must meet a few requirements. If the parent lives in Cook, DuPage, Kane, Lake, Will, or McHenry County, they may move within 25 miles of their current residence without obtaining permission; for any other county, the distance is 50 miles. If a parent wishes to move to a different state that shares a border with Illinois, they can do so without permission only if they remain 25 miles or less from their previous home.

The process of getting a divorce can seem monumental. Besides the emotional upheaval of separating from your spouse, getting divorced can be a long process that requires extensive paperwork and negotiation over complicated topics like assets and parenting time.

However, there are things that you can do before the divorce begins to speed up the process and make it less complex. Doing a little work now to organize and prepare yourself for divorce can save you significant time and money in the future. Here are some great tips for people in Illinois who are preparing for or considering divorce.

Check Out Different Lawyers

Finding an attorney that meets your needs and style is important - you will be working closely together and the attorney-client relationship should be one that makes you feel respected and heard. Have an initial consultation with a few different attorneys and get a sense of your options. A responsible attorney should be honest about your realistic options, respect your priorities, and have an eye towards saving you time and money.

Couples based in Illinois often decide to live together before, or instead of, getting married. There are many reasons for this, and each couple’s circumstances are unique. Regardless of why a couple decides not to get married, living together for a long period of time presents challenges that are commonly dealt with by married couples or couples in civil unions. However, couples who are legally bound together have certain protections provided to them by law while couples who are only living together generally do not.

That is why many couples choose to create a cohabitation agreement. Cohabitation agreements are legally binding and address issues regarding property rights, including how individual and shared assets will be handled if the couple breaks up. Although everybody has high hopes when they move in with their partner, the truth is that not all relationships last forever. A cohabitation agreement created now protects both partners in the future.

What Can a Cohabitation Agreement Do?

Illinois does not recognize common-law marriages, so no matter how long someone lives with their partner, they are not afforded the same rights as married spouses. While married spouses can enshrine certain financial protections in a prenuptial or postnuptial agreement, unmarried spouses will need to create a cohabitation agreement to obtain similar protections. Cohabitation agreements often include: