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high asset divorce Archives

Will I wind up losing my business when I get divorced?

Imagine building a thriving company from its first days as an internet start-up to its IPO on the market. Then consider learning that because you and your spouse are divorcing, you will have to sell your interest in the business in order to pay him or her off when settling marital property matters.

Should I insure my child support payments?

When divorce comes knocking and you and your spouse have children, child support or alimony payments are very likely to be a part of your divorce settlement. Child support is one of the key ways that the court ensures that children have the resources they need to lead healthy lives under the care of the parent with primary custody, especially if that parent does not have a large independent income. As a parent, you obviously want the best for your children, but how can you ensure that they have everything they need in the event that you pass away?

Divorcing executives face specific struggles

High-asset divorce offers many pitfalls that couples with simpler assets may never consider, and this goes doubly for divorces involving business executives. Depending on the nature of your relationship to your company, as well as any precautions you may have taken by creating a prenuptial agreement, there are a number of additional concerns that you must consider as a divorcing executive.

High asset divorce can be lengthy if you're not prepared

If you don't secure the strongest available representation for your high-asset divorce, your spouse may take it all the way to the state Supreme Court — just ask the Illinois billionaire whose divorce took more than a decade to resolve. The Illinois Supreme Court eventually put the matter to rest, ruling that the husband would pay for $160,000 in his former wife's legal fees, as well as $27,500 per month in spousal support.

Former congressman opens up about complex divorce

For many individuals with complex assets, divorce can be exceptionally difficult. Former Illinois congressman Jesse Jackson Jr. recently made public statements about how complicated his own divorce process has become. He noted that even though he has substantial income, mounting legal fees from multiple suits are making the process untenable.

Cameras-in-courtrooms will not extend to divorces

If you've been following along with some of the recent developments in Illinois law, you have probably heard that cameras are now being brought into courtrooms. Many people may have a number of reactions to this shift in courtroom procedures, and some may reasonably worry that it might affect sensitive civil matters. These are not unfounded fears, but fortunately the new cameras-in-courtrooms laws do have limits.

You may have to fight another parent's employer for child support

Divorcing parents often have conflict when it comes to determining child support. This can be doubly true for parents who have significant assets, or when one parent is a high earner. However, this conflict may not finished once a court order has been issued to establish how much child support should be provided. Even in cases where a high-earning parent has taken all the necessary steps to have child support payments deducted from his or her payroll, there is still the possibility that this parent's employer will not correctly deduct and transfer the payments.

Illinois judge reminds public that adultery is still a crime

An Illinois judge recently took the opportunity to remind the courts and divorcing couples through out the state that while it is rarely prosecuted, adultery is still considered a crime in the state. The opinion was offered while the judge was hearing a peculiar case of a man who was suing his wife for allegedly reading emails he had sent to other women.

How do I avoid disaster in my divorce?

Divorce is rarely easy, especially when the couple who is splitting carry significant assets between them. Unfortunately, a divorce that is handled poorly can turn the end of a marriage into personal nuclear fallout, leaving one or both parties rebuilding from the ground up. If you are currently divorcing, or considering a divorce, there are steps you can take to ensure that you will emerge on the other side without ending up homeless or bankrupt. Without taking precautions, it's anyone's guess how badly it might go.

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