High-asset divorce cases are divorce cases involving significant wealth. These types of divorces are often much more complicated than a typical divorce. Property division, spousal maintenance, and other financial issues are often a significant source of this complication. However, child-related issues can also be difficult to handle in a high-asset divorce.
Maintaining a Child’s Lifestyle
In high-asset divorces, children often expect a certain standard of living because of the family's financial resources. The child may attend a private school, receive one-on-one tutoring, or participate in expensive extracurricular activities. Illinois courts seek to preserve a child's standard of living and avoid divorce consequences that negatively impact the child. After all, divorce is between the adults, not the child.
Child Support in High-Asset Divorce Cases
Many divorced parents are subject to a child support order. The parent with the lesser share of parenting time is typically required to pay child support to the parent with a greater share of parenting time. In most cases, child support is determined by a calculation involving both parents’ income. However, the typical calculation method may not be appropriate for situations in which parents make especially high incomes. Courts have the discretion to deviate from the child support guidelines and consider additional factors when determining an appropriate child support payment amount in these cases.
...