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What happens in a high assets divorce?

On Behalf of | Jul 22, 2022 | Family Law

If you and your spouse both had high-earning positions, you likely accumulated a lot of wealth. This is especially true if you were in a long marriage.

While it is never wise to hide your finances, one spouse will sometimes do so. There are many things to consider when you are in a high assets divorce.

Spousal and child support will be high

Under Illinois law, the court will split child support according to how much each person earned. If your income was high during the marriage, you will have to pay a larger amount of support. Also, if your spouse did not work outside the home or did not make as much as you did, you will likely have to pay spousal support.

A forensic accountant can help

A forensic accountant is a financial investigator. This professional has the skill set to investigate data. A forensic accountant will study all your financial documents. This person will study your spouse’s itemized deductions to create an accurate financial picture.

You will need documentation for inherited assets

It can be challenging to separate marital assets from inherited ones. You will need proof that you inherited certain assets. You will also need documentation.

For a successful separation of assets, you will need to be cooperative and creative. While it is natural to be angry, strive to maintain a spirit of respect and trust. Look for solutions that will help both of you. If you have children and grandchildren, think about estate planning as well. It can promote a more peaceful and amicable settlement.