Dividing marital assets is always a difficult aspect of divorce, but it gets even more acrimonious and difficult when couples with high net worths try to share their assets evenly after their marriage.

If you are a part of a high-asset divorce, you need an attorney who will pay attention to your worries, assess your case, and clarify these three challenging problems while giving you advice on what makes sense in your particular circumstance.

Division of Assets in High Asset Divorce

The division of assets is a crucial factor in any divorce, but it is especially vital in a high-asset divorce. Spouses may negotiate a division of assets that leaves each party with assets of relatively equal worth. One partner may, for instance, receive the majority of the stock and liquid assets, while the other may receive the majority of the real estate or retirement benefits. The necessity for spousal maintenance payments might be reduced or even eliminated in some situations if significant real estate and assets are divided. Spousal support may be the key issue in other situations with extremely high incomes.

You put a lot of effort into earning your money and carefully planned for your future, including retirement. Unfortunately, a divorce can derail such goals. Knowing how your divorce may impact your retirement accounts is the first step in safeguarding them.

The experienced attorneys at Andrew Cores Family Law Group will assist you in getting your future back on track while safeguarding your retirement accounts and settling difficult issues with your spouse. 

Dividing Retirement Accounts

According to Illinois law, the percentage of your retirement and investment accounts that you accumulated during marriage may be split between spouses in a divorce, including:

Mediation can save a lot of time, money, and worry when it comes to your family law issues, including divorce. Because private mediation occurs outside the purview of the court system, it typically benefits everyone involved and assists in maintaining a more peaceful family life, which is particularly advantageous for any children involved. 

Our mediators can help you mediate your divorce or another family law issue. With our experience dealing in these manners, we can help you navigate the procedure in hopes of meeting the requirements of both parties. 

Divorce Mediation Basics

A mediator is typically not an attorney. Therefore, as will be stated during your initial mediation session, he or she is impartial to the interests of both parties. This means that they cannot and will not offer legal counsel to any side throughout the process of discussions.

The state of Illinois has acknowledged that grandparents frequently play a significant part in a child's life. If you are a grandparent, you may have questions and concerns about your rights. Can I get custody of my grandchild? What if my grandchild’s parents will not allow me to see him or her? Can I get visitation rights? The rights of grandparents can be complicated and difficult to understand. A family law attorney can help. 

Are You Entitled to Grandparent’s Visitation?

Illinois grandparents may, however, have a legal right to see their grandchildren, especially if the parents are divorced.

In general, the choice of who can spend time with a child belongs to their parents. However, if a child is at least one year old, a non-parent may be able to get a court order compelling the parents to allow them to spend time with the child.

Money is frequently one of the top concerns for the majority of couples going through a divorce. After a marriage ends, bank account balances can have a great impact on an individual’s ability to maintain their financial situation after a divorce.

It can be challenging for each partner to revamp their finances to bounce back from and adapt to the lifestyle changes that divorce brings. Additionally, marital debt and asset disputes can make it even more difficult.

What is Considered Marital Debt in Illinois?

Debts and other ongoing commitments are included as financial considerations for partitioning marital property under the Illinois Marriage and Dissolution of Marriage Act. According to the law, "marital property" refers to any assets (or obligations) obtained by either spouse during the marriage. This implies that any joint loans, credit lines, or accounts created in the names of both spouses are marital property and would be shared equally by them both in the case of divorce. From credit card debts, mortgages, and auto loans to medical bills and unpaid taxes, these obligations can range widely.