Considerations for Spousal Maintenance in a High Net Worth Divorce
High net worth divorces are slightly different from other divorces. Usually, these divorces involve celebrities or other well-known individuals that put a high net worth couple in the limelight. There are some extra considerations to take when it comes to high net worth divorces. Spouses with higher income and net worth are generally tied to investments worth millions, shared properties and other future financial obligations, which all need to be addressed when a couple with high net worth moves forward with a divorce.
One of the most challenging parts of managing a high net worth divorce is managing spousal maintenance, or alimony. It becomes more challenging when one individual is the primary provider in the marriage. In most high net worth cases in Illinois, the judge has the discretion to determine the amount of alimony or maintenance.
Determining the Appropriate Spousal Maintenance
The Illinois Marriage and Dissolution of Marriage Act has a pre-defined standard for calculating how much spousal maintenance should be awarded and for how long alimony should be provided. However, it becomes challenging to determine alimony in a high net worth divorce as it exceeds the predetermined formula for a yearly gross income of no more than $250,000, hence, the judge has discretion when determining the right amount and duration of alimony.
Considerations for Awarding Spousal Maintenance
Before the judge decides the amount and duration of spousal support, they will look at the alimony considerations mentioned in Section 504 of the Illinois Marriage and Dissolution of Marriage Act. These considerations include, but are not limited to:
The overall health and age of each spouse
The lifestyle needs and requirements of each spouse
The lifestyle and standard of living of each spouse while they were married
The earning capacity of each spouse in the future
The duration of the marriage
Each individual’s property, yearly income and divided marital assets
Any disabilities or impairments that could be a hurdle or a hindrance in future earning capacity of each spouse
Keeping these considerations in mind, it’s essential to speak to a leading divorce attorney to determine the right amount and duration of spousal maintenance in a high net worth divorce.
In order to get more information about spousal maintenance in high net worth divorces, or to schedule a free consultation meeting with an experienced divorce and spousal support lawyer, contact the Law Office of Fedor Kozlov at 847-241-1299 right now.