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Handling a High Net Worth Divorce in Hinsdale
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:
Temporary Court Orders in Illinois Divorce Cases
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.
Understanding Child Support Obligations in Illinois
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.
Embryo Issues in Divorce Cases
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.
If We Are Already Married, Is it Too Late for a Prenuptial Agreement?
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.
Prohibited Provisions in an Illinois Prenuptial Agreement
Prenuptial or postnuptial agreements can be excellent tools for married couples. These agreements can accomplish legal tasks such as designating separate property for each spouse, predetermining how property is to be divided in the event of a divorce, and even requiring each other to create an estate plan naming the other as a beneficiary. However, there are certain clauses that are prohibited in these agreements. Even if both parties willingly agree to a clause, the clause in question may not be enforced if it is statutorily prohibited or would have certain unlawful effects in application. Although other parts of the prenuptial agreement may be enforced, the prohibited clauses are highly likely to be stricken from the contract at the judicial level.
It is advisable for each person who is contemplating entering a prenuptial agreement to have independent legal representation. An attorney can guard your interests during the process of developing and drafting this important legal contract.
Who Can Initiate Proceedings to Establish Parentage?
In Illinois, the term “parentage” rather than “paternity” is generally used, although you may still hear “paternity” used colloquially. Adjudicating parentage means judicially deciding who a child’s parents are. Our state's parentage laws have broadened to reflect the idea that not all children have one mother and one father. A child born into a marriage between two women is presumed a child of both, for example. Only once paternity has been definitively established can a parent pursue parental rights, seek shared parenting time, or seek child support payments.
If parentage is not established at the hospital at the time of birth and at least one parent will not voluntarily acknowledge their parentage at a later time, a judicial action may need to be initiated. Many interested parties can initiate this type of action. If you may need to go to court to establish parentage, it is best to be represented by an experienced attorney.
Factors Impacting the Allocation of Parenting Time in Illinois
When parents of minor children seek a divorce, one of the most emotionally-charged aspects of the divorce action is likely to be the allocation of parenting time and parental responsibilities. It is the goal of most parents to maximize the amount of time they will be able to spend with the children antecedent to the finalization of the divorce. The Illinois Marriage and Dissolution Act sets out statutory factors that courts are instructed to use in determining what type of custody arrangement may be in the best interests of the children.
Illinois courts are required to decide issues concerning parenting time and parental responsibilities based on what is best for the child involved. When parents cannot reach an agreement related to a parenting plan, the courts will generally need to conduct an analysis based on each statutory factor in order to reach a well-informed decision. If you are facing divorce with minor children, it is best to have strong legal representation.
Mediation Options for Divorcing Couples
A large percentage of divorces today are settled out of court, eliminating the need for an often-emotional battle in the courthouse. If you and your spouse are willing to try mediation, you may be able to save yourselves significant amounts of time and money by avoiding litigation. In many cases, the spouses are able to come to a mutually satisfactory agreement out of court, often with the help of a mediator.
Not all mediation styles are the same. You should know that you have options for how to approach the mediation process. Determining which type of mediation is right for you is an important part of the collaborative divorce process. Spouses who are more amicable may be more inclined to sit down together with their attorneys and a mediator in facilitative mediation. Spouses who are in a high level of conflict, such as those who have experienced infidelity, may struggle to have a productive mediation session if they are brought together. These spouses may opt for evaluative mediation, where the parties need not see each other. An attorney can help you decide which type of mediation may be the better option.
How Long Will My Divorce Take in DuPage County?
For many spouses who are taking the step of filing for divorce, a finalized divorce decree cannot come soon enough. You may have been contemplating seeking a divorce for some time. You may have undertaken great efforts to hold together a marriage that is no longer viable. Often, by the time a person is prepared to file a formal petition for divorce, they are also prepared for the marriage to terminate at once. Unfortunately, rarely is divorce an instantaneous process. From the day your attorney files a divorce petition on your behalf, receiving a finalized divorce decree can take anywhere from several weeks to several years.
The timeline of your divorce depends on a multitude of factors, including the method of dispute resolution you and your spouse use, the nature and extent of marital assets, and whether you have a prenuptial or postnuptial agreement in place. Our attorneys may be able to give you a better approximation of how long your divorce might take when we know more about your unique situation.
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