According to the United States Census Bureau, Hinsdale has a median household income of $206,701 and a median value of $882,700 for owner-occupied housing units. Many families in the Hinsdale area have significant assets, so it is not uncommon for some spouses to find themselves involved in a high net worth divorce that can be more complicated than other divorces.

The truth remains that people with greater net worth often have complex financial circumstances, and dividing property in these cases can often prove to be quite contentious. When one spouse is also a business owner, this can affect the property division process significantly.

Common Issues in High Net Worth Divorces

When spouses are considered high net worth, then they are more likely to have a multitude of complicated issues to address. Some of the most common may include:

Many people filing for divorce in DuPage County are dealing with courts for the first time and do not have full understanding of their rights during all proceedings. Courts can issue various kinds of temporary restraining orders or protective orders as well as other types of injunctive relief.

People should be aware of what rights they have to deal with spouses during their cases while they are still working towards a final divorce decree. Temporary restraining orders can place important financial holds on shared banking accounts while protective orders can help spouses who have been or may be at risk of becoming victims of abuse.

Types of Court Orders

Any person can seek an order of protection if they have some kind of domestic relationship with the person the order is seeking protection from. A case needs to involve some element of domestic violence, meaning an instance of either physical abuse, harassment, intimidation, interference with personal liberty, exploitation, stalking, or willful deprivation.

One of the most contentious issues in any divorce can be child support. The Illinois Department of Healthcare and Family Services has a child support estimator that uses a variety of information, including the number of children, incomes of both parents, and spousal maintenance, to give people a general idea of possible child support amounts. Federal Office of Child Support Enforcement (OCSE) data indicated that the $766,636,244 paid in child support in Illinois in 2018 was actually less than the $807,772,022 paid in 2015, and the 43.5 percent of parents who were due child support said they received the full amount of child support due.

Illinois Child Support Guidelines

Child support is now determined through the Income Shares method based on the typical cost of raising a child or children in a family with the same combined income and the same number of children. 

Both parents’ incomes will be combined. Next, a Basic Support Obligation will be assigned to each parent according to their proportional contribution to the combined income. 

The Second District Appellate Court recently dealt with a somewhat unusual topic in a divorce case when it had to rule on a case involving custody of frozen embryos. People who are involved in complex disputes relating to the dissolution of their marriage will want to work with an experienced divorce attorney. In re Marriage of Katsap, 2022 Ill. App. 2d 210706, was a court case in which Eneya Katsap was appealing a trial court judgment for dissolution of marriage to Alexander Katsap. 

Determining Custody for Embryos

The couple created frozen embryos and stored their embryos at the New England Fertility Institute in Stamford, Connecticut. While the couple once resided in upstate New York and formed and co-owned a business there, marital difficulties caused Alexander to move out in March 2020. The following month, Eneya, the child, and Eneya’s parents moved to Naperville, Illinois. In May 2020, Eneya petitioned in DuPage County for dissolution of marriage and cited irreconcilable differences. It was nearly a year later when Alexander filed a counterpetition for dissolution of marriage but withdrew before trial. 

Alexander filed a motion to permanently restrain Eneya from using the frozen embryos or seeking child support for any child born from the frozen embryos. He claimed that Eneya forged his name on a contract and alleged that the contract was invalid. The parties allegedly signed a contract in July 2015 giving the embryos to Eneya should the parties divorce, and that document was identified and entered into evidence. Alexander denied entering into that contract, saying that he did not sign Eneya’s exhibit and identifying all of the handwriting on the exhibit as being Eneya’s. Alexander’s stated intention in creating the embryos was to donate the embryos if the marriage ended. However, Eneya said they couple agreed that she would keep the embryos if the marriage ended. The court ultimately granted Alexander exclusive possession and control of the embryos. 

A significant percentage of couples will have a prenuptial agreement in place before they walk down the aisle on their wedding day. Prenuptial agreements can protect both parties in different ways, such as by designating separate property and predetermining certain issues so as to keep any potential future divorce predictable and simplified. If you and your spouse have already married, it is not too late to take advantage of a marital contract. Your contract will be called a “postnuptial agreement” if it is signed after you say, “I do.”

Signing a postnuptial agreement can offer you nearly all the same benefits you would reap if your contract had been signed prior to the marriage. While the idea of drafting a postnuptial agreement may not seem like the most romantic idea, communicating and compromising with your spouse to reach an agreement can be a sign of a strong couple. It is best for both you and your spouse to be represented by separate attorneys who can help protect your interests during the process. 

Reasons to Consider Using a Postnuptial Agreement

Spouses choose to sign postnuptial agreements for a variety of reasons. Some may have married quickly without time to make an agreement. Others may have hit a rocky patch in their marriage and decided it is best to have an agreement in place. Others still may simply determine that it is a good precaution. Whatever your reasons, a postnuptial agreement can give you both peace of mind. Reasons to consider using a postnuptial agreement include: