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.
While Jackson receives more than $130,000 per year payments from disability and workers’ compensation claims, he says that they are going toward legal fees, as he attempts to simultaneously settle his divorce and defend himself against criminal charges.
To make matters more complicated, he revealed that he and his wife are almost $2 million dollars in debt. Despite other assets, the debt is certainly complicating the divorce settlement. He noted that the process was stretching out frustratingly, with his former wife refusing to deal with the divorce in Chicago, insisting that she would only deal with the matter in Washington D.C.
For high-asset divorces, significant debts are also a common element of the settlement, which requires special attention to ensure that a fair agreement can be reached. Furthermore, calculating ongoing obligations like child support and alimony can be difficult when a couple has significant assets and liabilities.
If you are concerned that your divorce will be difficult to settle, it is crucial to get the best legal counsel that you can find. With proper legal guidance by an experienced attorney who understands how to properly assess even the most complex assets and liabilities, you can rest assured that your divorce can be professional while protecting your rights in the process.
Source: WGN TV, “Jackson Jr reveals financial debt as he speaks out about divorce,” Sean Lewis, March 21, 2017