High Asset Divorce Lawyer in Chicago

"High asset" and "high net worth" are everyday descriptions, not legal categories. The Illinois Marriage and Dissolution of Marriage Act applies to every divorce. What changes is the work: more accounts to trace, interests that are hard to value, and income that does not fit the support guidelines.

In a divorce with complex assets, the firm's work can include:

• organizing financial disclosure, including the statewide Financial Affidavit and the records that support it;
• tracing accounts and property to support or answer a claim that an asset is marital or non-marital;
• using discovery to request records the other spouse controls;
• working with outside professionals you retain, such as business appraisers, real estate appraisers or forensic accountants; and
• negotiating a marital settlement agreement, or presenting the division to the court at trial if the case does not settle.

Chicago Family Attorneys LLC focuses only on family law. Its office is at 53 W Jackson Blvd, Suite 752, in the Chicago Loop, and it represents clients in Chicago and Cook, DuPage, Lake and Will Counties. Consultations are by phone; a free weekend consultation is available by Zoom. No lawyer can promise a particular division or support amount. The result depends on the facts, the records and the court.

Under 750 ILCS 5/503(a), marital property generally means all property, including debts and other obligations, that either spouse acquired after the marriage. The statute then lists exceptions, called non-marital property, including:

• property acquired by gift, legacy or descent, or in exchange for that property;
• property acquired before the marriage, or in exchange for it, except as it relates to retirement plans that may have both marital and non-marital characteristics;
• property excluded by a valid agreement of the spouses, including a premarital or postnuptial agreement;
• property acquired after a judgment of legal separation;
• the increase in value of non-marital property, subject to the reimbursement rules in section 503(c); and
• income from non-marital property, if the income is not attributable to a spouse's personal effort.

Section 503(b)(1) presumes that property acquired by either spouse after the marriage and before judgment is marital, however title is held. The presumption also covers non-marital property transferred into a form of co-ownership between the spouses. It is overcome only by clear and convincing evidence that the property fits an exception, or that a transfer between the spouses was made for estate or tax planning or another reason showing it was not intended as a gift. The court must make specific findings on classification and value.

Money and property often move between marital and non-marital accounts. Unless the spouses agreed otherwise, section 503(c) sets the rules:

• If property contributed from one estate to the other loses its identity, it transmutes to the estate that received it. If it keeps its identity, it remains property of the contributing estate.
• If marital and non-marital property are combined into newly acquired property and both lose their identity, the new property is treated as marital.
• The contributing estate is reimbursed, even after transmutation, but only for a contribution that is traceable by clear and convincing evidence and was not a gift.
• A spouse's personal effort toward non-marital property counts as a contribution from the marital estate. The marital estate is reimbursed if the effort was significant and resulted in substantial appreciation, unless the marital estate was already reasonably compensated for it.

Tracing depends on records: account statements across the years, closing statements, transfer confirmations and loan documents. Gaps in those records can affect how an asset is classified, so it helps to start gathering them early.

Under 750 ILCS 5/503(d), the court assigns each spouse's non-marital property to that spouse. It then divides the marital property in just proportions, without regard to marital misconduct, considering all relevant factors, including:

• each spouse's contribution to acquiring, preserving or changing the value of the property, including contributions as a homemaker or to the family unit;
• dissipation of marital property by either spouse;
• the value of the property assigned to each spouse, and the length of the marriage;
• each spouse's economic circumstances when the division takes effect;
• obligations and rights from a prior marriage, and any prenuptial or postnuptial agreement;
• each spouse's age, health, station, occupation, income, vocational skills, employability, estate, liabilities and needs;
• the custodial provisions for any children, and whether the division is instead of or in addition to maintenance;
• each spouse's reasonable opportunity to acquire capital assets and income in the future; and
• the tax consequences of the division.

The statute calls for just proportions; it does not require an equal split. Under section 503(k), the court values property on a fair market value standard, and the valuation date is the date of trial or another date the spouses agree on or the court orders. Section 503(l) also lets the court seek written advice from financial or other professionals and allocate their fees between the spouses based on each spouse's financial ability and other criteria the court considers appropriate.

A business can be marital, non-marital or partly both. An interest acquired during the marriage is presumed marital under section 503(b)(1). A business owned before the marriage is generally non-marital, but marital funds or a spouse's significant personal effort during the marriage can create a reimbursement claim under section 503(c).

Value is usually the harder question. The court applies a fair market value standard, and both the valuation date and the method a valuation professional uses can affect the figure. Records that often matter include business tax returns, financial statements, general ledgers, operating or shareholder agreements, buy-sell agreements and compensation records.

Business income matters for support as well. For child support, section 505(a)(3.1) defines net business income as gross receipts minus the ordinary and necessary expenses required to carry on the business. The accelerated component of depreciation and expenses found to be inappropriate or excessive are not deducted. Reimbursements and in-kind payments from the business, such as a company car or a housing allowance, count as income if they are significant in amount, reduce personal expenses and are not already included in gross income.

Read more about divorce for business owners and how a business is divided in an Illinois divorce.

Section 503(b)(2) presumes that pension benefits acquired or participated in during the marriage, before a judgment of dissolution or legal separation, are marital property. The presumption covers benefits under the Illinois Pension Code, defined benefit plans, defined contribution plans and accounts, individual retirement accounts and non-qualified plans. A spouse can overcome it with clear and convincing evidence that the benefits were acquired by a method listed in section 503(a).

Section 503(a)(6) recognizes that a retirement plan may have both marital and non-marital characteristics, for example when participation began before the marriage. Plan statements from around the date of marriage often matter for that reason.

Dividing a plan is a separate step. Section 503(b)(2) refers to dividing benefits in a retirement system under the Illinois Pension Code through a Qualified Illinois Domestic Relations Order (QILDRO), valued under the system's own procedures. Many private employer plans are divided through a qualified domestic relations order (QDRO), and U.S. Department of Labor guidance says the plan administrator must determine whether an order is a QDRO. Read our guide to QDROs and QILDROs in an Illinois divorce.

Under section 503(b)(3), stock options, restricted stock and similar benefits granted to either spouse after the marriage and before judgment are presumed marital, whether or not they have vested and whether or not their value can be determined. The presumption is overcome by showing that the benefit was acquired by a method listed in section 503(a).

The court allocates these benefits at judgment, recognizing that their value may not yet be known and that the actual division may happen later. In addition to the section 503(d) factors, the court considers:

• all circumstances of the grant, including the vesting schedule, whether the grant was for past, present or future efforts, and whether it was designed to promote future performance or employment; and
• the length of time from the grant to the time the option can be exercised.

Some deferred compensation arrangements are non-qualified plans, which section 503(b)(2) lists among the pension benefits presumed to be marital. Grant agreements, plan documents, vesting schedules and recent account statements are the records to gather.

Dissipation is one of the section 503(d) division factors. A spouse who claims the other used up or wasted marital property must follow section 503(d)(2):

• The notice of intent to claim dissipation must be given no later than 60 days before trial or 30 days after discovery closes, whichever is later.
• The notice must state, at a minimum, the date or period when the marriage began undergoing an irretrievable breakdown, the property dissipated, and the date or period of the dissipation.
• A certificate or service of the notice must be filed with the clerk of the court and served under the applicable rules.
• The statute also limits how far back a claim reaches: no dissipation is deemed to have occurred prior to 3 years after the claiming spouse knew or should have known of it, and in no event prior to 5 years before the petition for dissolution was filed. Ask a lawyer how those limits apply to your dates.

If there is a risk that property will be moved or hidden while the case is pending, section 501(a)(2) allows a request, supported by an affidavit, for a temporary restraining order or preliminary injunction against transferring, encumbering, concealing or otherwise disposing of property, except in the usual course of business or for the necessities of life. Read more about dissipation of marital assets.

Under 750 ILCS 5/504(a), the court first decides whether maintenance is appropriate at all. The factors include each spouse's income and property, needs, present and future earning capacity, the standard of living established during the marriage, the length of the marriage, tax consequences, and contributions to the other spouse's education, training or career.

Guideline maintenance under section 504(b-1)(1) applies only when the spouses' combined gross annual income is less than $500,000 and the payor has no child support or maintenance obligation from a prior relationship, and even then the court may find the guidelines inappropriate. When combined gross annual income is $500,000 or more, the guideline formula does not apply. Any award is a non-guideline award made after the court considers the section 504(a) factors.

Under section 504(b-2), the court must state its reasons and whether maintenance is fixed-term, indefinite, reviewable or reserved. Under section 504(f), an award may be secured in whole or in part by life insurance on the payor's life. Read more about spousal maintenance in Illinois.

Under 750 ILCS 5/505(a)(1.5), the court computes basic child support by adding the parents' monthly net incomes, finding the amount in the schedule of basic child support obligations adopted by the Illinois Department of Healthcare and Family Services, and allocating it between the parents by each parent's percentage share of the combined income.

Section 505(a)(3.5) covers income above the schedule. If the parents' combined adjusted net income exceeds the highest level of the schedule, the court may use its discretion to determine child support, but the basic obligation may not be less than the amount for the highest level of combined net income in the schedule.

Under section 505(a)(3.4), a departure from the guidelines requires written findings. Section 505(a)(2) lists relevant factors, including the financial resources and needs of the child and of the parents, the standard of living the child would have enjoyed had the marriage not been dissolved, and the child's physical and emotional condition and educational needs. The court may also order contributions to reasonable school and extracurricular expenses and to child care expenses under sections 505(a)(3.6) and (3.7). Read more about child support in Illinois.

Illinois uses one statewide financial affidavit. Section 501(a)(1) requires the form determined by the Illinois Supreme Court, supported by documents such as income tax returns, pay stubs and bank statements. The Supreme Court Commission on Access to Justice has approved the Financial Affidavit (Family & Divorce Cases), and all Illinois courts must accept it. If a party intentionally or recklessly files an inaccurate or misleading financial affidavit, the court must impose significant penalties and sanctions, including costs and attorney fees. County local court rules can add exchange deadlines and document lists. Read how to fill out an Illinois financial affidavit.

Discovery fills the gaps. Illinois Supreme Court Rule 201(a) allows depositions, written interrogatories, requests for documents and other methods, and Rule 201(b)(1) allows discovery of any matter relevant to the case, subject to privilege. If a spouse does not respond, a motion to compel may follow. See discovery in divorce and how a motion to compel discovery works.

Confidentiality is limited, but there are tools. Under section 501(a)(1), a financial affidavit and supporting documents submitted with a request for temporary maintenance or child support are not made part of the public record unless the court directs otherwise. Under Rule 201(c)(1), the court may enter a protective order, as justice requires, denying, limiting, conditioning or regulating discovery to prevent unreasonable annoyance, expense, embarrassment, disadvantage or oppression. The court enters a protective order on a party's or witness's motion or on its own initiative; it is not automatic.

A valid agreement can settle classification in advance. Section 503(a)(4) treats property excluded by a valid agreement of the spouses, including a premarital or postnuptial agreement, as non-marital, and section 503(d)(7) lists any prenuptial or postnuptial agreement among the division factors.

Premarital agreements are governed by the Illinois Uniform Premarital Agreement Act. Under 750 ILCS 10/7, a premarital agreement is not enforceable if the spouse challenging it proves that it was not signed voluntarily. It is also not enforceable if that spouse proves that it was unconscionable when signed and that, before signing, the spouse did not receive fair and reasonable disclosure of the other spouse's property and obligations, did not waive that disclosure in writing, and did not have and could not reasonably have had adequate knowledge of them. If a provision that modifies or eliminates spousal support causes undue hardship because of circumstances not reasonably foreseeable when the agreement was signed, the court may require support to the extent needed to avoid that hardship.

At the end of a case, the terms of a marital settlement agreement under section 502, other than those for the support and parental responsibilities of children, bind the court unless it finds the agreement unconscionable. Property provisions of an agreement are never modifiable. See prenuptial agreements, postnuptial agreements and marital settlement agreements in Illinois.

These are the firm's published fees. The ranges shown are not a quote for your matter, and the written agreement confirms the fee, the covered work and the expenses before you engage the firm.

• Full representation: an initial payment of $1,500 to $2,500, then $500 to $650 per month beginning 30 days after the initial payment while representation remains active. It covers drafting, hearings, motions and phone calls within the agreed scope.
• Limited-scope representation for a defined task: drafting from $500; one hearing appearance from $1,200.

Court filing costs and the fees of outside professionals you retain, such as appraisers, valuation professionals or forensic accountants, are separate. The client pays them and the firm does not advance them. Other published options are listed in the family law pricing overview and on the property division fee page.

Illinois law also allows a court, in some cases, to order one spouse to contribute to the other's attorney fees. In deciding interim fees under section 501(c-1), the court considers factors that include the complexity of the issues, such as the valuation or division of closely held businesses, and each party's access to relevant information. Read can I make my spouse pay my attorney fees in Illinois.

Bring what you have so the consultation can focus on your concerns. This is a discussion list, not a statement of everything the court requires.

• Any filed petition, court orders and hearing notices.
• Personal and business income tax returns for recent years.
• Recent statements for bank, brokerage and retirement accounts.
• Equity grant agreements, vesting schedules and deferred compensation plan documents.
• Business formation, operating or shareholder agreements and recent financial statements.
• Deeds, mortgage statements and any appraisals.
• Any prenuptial or postnuptial agreement.
• Questions about disputed issues, representation scope and fees.

The initial consultation is free for people seeking to hire an attorney. Call 312-965-5618 to discuss a divorce with complex assets with Chicago Family Attorneys LLC.

• 750 ILCS 5/503: Disposition of property and debts
• 750 ILCS 5/504: Maintenance
• 750 ILCS 5/505: Child support
• 750 ILCS 5/501: Temporary relief and financial affidavits
• 750 ILCS 5/502: Agreements
• 750 ILCS 10/7: Enforcement of premarital agreements
• Illinois Supreme Court Rule 201: General discovery provisions
• Approved statewide Financial Affidavit (Family & Divorce Cases)
• U.S. Department of Labor: QDROs and the division of retirement benefits

Bring your questions and the documents you have. The initial consultation is free for people seeking to hire an attorney, and the firm confirms its fee and the covered work in writing before you engage it. Call 312-965-5618 or book online.