Divorce is a challenging and emotional process, regardless of the assets involved. However, when it comes to high-asset divorces, the complexity of the situation increases significantly. The division of property, alimony, child support, tax implications, and complex business interests can make high-asset divorces more complicated than traditional ones. 

In this guide, we will explore why high-asset divorces can be more complex than traditional divorces.

Division of Property

The division of property is one of the most contentious issues in any divorce case. In high-asset divorces, the complexity of the division of property is increased exponentially. There are often multiple properties, businesses, investment portfolios, and retirement accounts to divide. Valuing these assets accurately can be a daunting task, and a skilled attorney is required to ensure that the division of property is equitable.

 Prenuptial or postnuptial agreements are important legal tools that can be used for various purposes before or during a marriage. These documents are contracts between couples who intend to get married (in the case of prenups) or who are already married (in the case of postnups).

Spouses or soon-to-be spouses can use these agreements to set rules about how property will be divided in case the couple decides to divorce in the future. However, these documents are also used to address issues other than divorce.

Although prenuptial and postnuptial agreements are often considered highly self-protective tools, they have several important practical uses for both parties and can bring them peace of mind during their marriage.

The divorce process involves several issues and critical decisions that can impact your life and finances long-term. One of the major decisions you must deal with includes the property and debts you own. Determining how such things can be divided fairly between you and your ex-spouse during divorce can be overwhelming. If you and your spouse cannot negotiate an agreement, the court divides property per Illinois equitable distribution laws. 

Marital Property is ‘Equitably’ Divided 

In Illinois, marital and non-marital property is divided equitably rather than equally, but not separate/non-marital property. So when preparing for a divorce, one of the first things you must do is determine which assets should be divided. 

According to state law, marital property is property acquired by either spouse after their marriage and before a divorce or declaration of the marriage’s invalidity. This also includes non-marital property that the spouses co-own. 

Divorce can be complex and challenging to navigate, especially when it comes to enforcing court orders. However, whether it is related to child custody, spousal support, or asset division, court orders must be followed to ensure a fair and just outcome. 

Unfortunately, not all ex-spouses comply with court orders, which can be frustrating and financially burdensome for the other party. In Illinois, various legal options are available to enforce court orders related to divorce and family law matters. This blog discusses these legal remedies, which can help you ensure your rights are protected.

What to Do if Your Ex-Spouse Is Not Complying

When a divorce is finalized, the court issues a divorce decree that contains the terms of the divorce settlement. This decree becomes a legally binding court order that both parties must follow. If one party fails to comply with the court's orders, the other party can take legal action to enforce the order.

Divorce is considered an overwhelming experience but proper planning can help alleviate some of the stress and uncertainty associated with it. Divorce planning has numerous benefits, and it can help make a significant difference in the outcome of a divorce case. 

Keep reading further as we discuss the importance of divorce planning and how it can help individuals prepare for the divorce process.

What is Divorce Planning?

Divorce planning is a proactive approach to divorce that involves assessing one's financial situation, identifying potential issues, and developing a strategy to protect one's interests during the divorce process. Divorce planning aims to ensure that individuals are prepared for the divorce process and can make informed decisions throughout the proceedings.