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st. charles divorce lawyerDivorce can be hard on a couple no matter their income level. In fact, a couple with a high net worth can face some of the most difficult complications when it comes to the financial aspects of divorce like the division of assets and spousal maintenance. If you are ending a marriage in which one spouse was the primary earner, there is a good chance that spousal support will be a factor in your divorce resolution. It is important to understand how this issue is handled in Illinois family court, as well as the options you may have for reaching an agreement.

Spousal Maintenance Decisions in an Illinois Divorce

There are a number of situations in which spousal maintenance may be necessary to ensure a fair resolution to a high-asset divorce. One common example is a situation in which one spouse did not work but instead relied entirely on the other spouse’s income and assets. In a case such as this, a high-earning spouse may want to retain full ownership of high-value businesses and real estate properties, which can lead to an even greater financial disparity. Spousal maintenance may be the best option to ensure that the other spouse can support themself after the divorce.

According to Illinois law, another possible reason for spousal support is to help a spouse maintain the standard of living they have become accustomed to during the marriage. In a high-asset divorce, even a spouse who works and earns their own income may have a case for maintenance if the other spouse has significantly greater income and assets.

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St Charles Divorce Attorney

When you start thinking about divorce and dividing your assets, the division of your personal and household belongings may not be top of mind. However, when you add up the cost of replacing those items, the total can be significant. Insurance companies generally estimate the contents of your home to be worth about 50 percent of the value of the structure itself. Thus, if your home is worth $400,000, its contents may be worth as much as $200,000.

In an Illinois divorce, all marital property must be divided equitably between you and your spouse. Your marital property broadly includes all household furnishings and other belongings acquired during your marriage with the exception of items received via inheritance or personal gift. In a typical division of property, each party keeps their own clothing, jewelry, and similar personal items, although a high-value collection of watches or jewelry may be excepted from that rule. You will need to inventory everything else and decide on an equitable division of those items.

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