Things to Consider When Undertaking a High Net Worth Divorce
Jeff Bezos is the founder, chairman, CEO, and president of Amazon. Many people consider him to be the world’s richest person. Just recently, the business tycoon announced that he will be divorcing his wife of 25 years. Bezos and his wife have four children and have spent the better part of three decades building a life together. Like many high net worth divorces, their split will likely be complicated. If you are considering divorcing your spouse and you have significant assets or wealth, you should be talking with a qualified family law attorney.
Bezos’s Wife Could Receive Half of His Wealth
Jeff Bezos’s estimated net worth is over $90 billion. He and his family live in Washington which has its own laws governing property distribution during divorce. Most states, including Illinois, make a distinction between marital property and separate property. Separate property refers to assets accumulated before the marriage and certain gifts and inheritances. Marital property includes wealth and property accumulated during the marriage as well as any commingled funds. Washington state divides marital property according to what is equitable and just. This property division method is called equitable distribution and is the same method that is used in Illinois. Property divided according to equitable distribution laws will be divided fairly but not necessarily equally.
Important Considerations During High Net Worth Divorces
Put plainly, couples with greater assets have more to lose during divorce. Complex assets like family businesses, business holdings, pensions, retirement accounts, stocks, stock options, commissions, deferred income, trust funds, and real estate investments can add complications to a divorce. If you or your spouse own a family business, a professional valuation will probably be necessary. It is vital that high net worth couples consider the tax implications of property division during divorce as well. Child support and spousal maintenance can also be complex issues during a high net worth divorce. Illinois uses the “income-shares model” when deciding child support orders. The court studies the combined income of both parents and uses that number and other information to arrive at a child support order which is reasonable and in the child’s best interest.
Contact a St. Charles High Net Worth Divorce Attorney
The experienced Kane County family law attorneys at Mirabella, Kincaid, Frederick & Mirabella, LLC have the skills and knowledge necessary to effectively represent clients with extensive assets or wealth. For more information about how our team of professionals can assist you with a high net worth divorce, call us at 630-665-7300 today.