Resolving a high net worth divorce can be complex, and contentious disagreements may occur when dividing substantial wealth and assets. One way to mitigate conflict and avoid protractive litigation is to have a prenuptial agreement in place. A prenuptial agreement, also referred to as a prenup, is a legal contract entered into by couples before marriage that determines how their financial affairs will be handled in the event of divorce or death. A family law attorney with experience assisting people who have a high net worth can help ensure that a prenup will be applied and enforced correctly during the divorce process.

The Purpose of a Prenuptial Agreement

Prenuptial agreements serve several purposes when it comes to high asset divorces:

• Protecting separate property: When one or both spouses enter the marriage with considerable assets, they may want to ensure that these assets will remain separate property in case of divorce. A prenup can specify which assets will or not be subject to division.
• Decisions about asset division: In high asset divorces, there are often complex investments, businesses, real estate properties, and other valuable assets that will need to be addressed. A prenup can outline how different types of assets will be divided between the spouses.
• Addressing spousal support: Prenups can include provisions regarding whether spousal support (also known as alimony) will be paid by one spouse to the other. This can help ensure that neither spouse will face excessive financial burdens after the marriage ends.
• Safeguarding business interests: For people who own businesses or professional practices prior to getting married, a prenup can protect those business interests from being subject to division during divorce proceedings.

The Impact on Property Division

A well-drafted prenuptial agreement can have a significant impact on how property is divided in a high net worth divorce. Without a prenup, assets acquired during the marriage are subject to equitable distribution, which means they will be divided fairly. Illinois law does not require marital property to be divided equally, and determining how much each spouse should receive can lead to costly litigation during the divorce process.

In addition to providing our clients with effective legal representation as they address family law issues or respond to sexual harassment that has affected them in the workplace, the team at Mirabella, Kincaid, Frederick & Mirabella, LLC works to make sure people can be informed about these topics. By providing information about how people may be affected by these legal issues and what steps they can take to protect their rights with the help of an attorney, we hope to ensure that our readers will be prepared to address divorce and family law concerns or protect against employment discrimination or wrongful termination. Our most popular blogs for 2023 included:

1. How to Handle False Allegations of Child Abuse Made Against You - Unfortunately, there are some situations where parents may be falsely accused of abuse or domestic violence during a family law case. We look at how parents can respond to investigations by the Department of Children and Family Services (DCFS) and take steps to protect their children’s best interests when addressing issues related to parenting time.

2. Male Victims of Sexual Harassment Often Face a Unique Set of Challenges - This blog looks at why men may be hesitant to report sexual harassment, how they can keep records to show that harassment has occurred, and what remedies may be available to address quid pro quo harassment or hostile work environment harassment.

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Divorce can be a challenging and emotionally taxing experience for all parties involved. Unfortunately, children can sometimes be caught in the middle of conflict between parents. Disagreements about how issues related to children should be handled can sometimes escalate into serious conflicts, potentially exposing children to arguments and hostility. However, as parents take steps to put parenting time schedules in place that will allow them both to maintain ongoing relationships with their children, they will want to focus on what is best for their children. 

When negotiating a parenting plan and resolving disputes related to child custody, an experienced attorney can provide invaluable help. With representation from a skilled lawyer, a parent can not only protect their rights, but they can make sure any agreements they make will be legally sound, and they can put solutions in place that will help them minimize the potential emotional harm contentious divorce can have on children.

Focusing on the Best Interests of the Child

Child support is a critical aspect of ensuring the well-being and financial stability of children whose parents are no longer together. However, circumstances can change over time, including changes in income for one or both parents. When these changes occur, it may be necessary to modify child support payments to reflect the new financial reality. In these situations, determining when modifications may be appropriate, what calculations will be used to determine the correct amount of child support, and how to address any disputes that may arise can be a complex process. An experienced attorney can provide invaluable guidance in the cases, advocating for solutions that will protect children’s best interests while ensuring that parents can maintain financial stability.

The Basics of Child Support

In most cases, child support is determined by statutory guidelines that take into account factors such as the income of both parents and the needs of the child. The court will consider each parent's net income, as well as any applicable deductions, when calculating an appropriate amount that should be paid to address the basic needs of the child, including food, shelter, and clothing. Parents may also need to determine how they will collaborate to address other expenses required to meet their child’s needs, including the costs of education, healthcare, and childcare.

Grounds for Modification of Child Support

If circumstances have changed since the initial child support order was issued – such as a significant increase or decrease in either parent's income – it may be possible to seek a modification. Generally speaking, courts will only grant modifications if there has been a significant change that has made the original order unjust or inappropriate.

Sexual harassment is a pervasive issue that affects millions of people in the workplace. It may involve sexual advances toward coworkers, requests for sexual favors by managers or supervisors, or words or actions of a sexual nature that create a hostile or intimidating environment.

If you have experienced any form of workplace sexual harassment, it is crucial to document these instances accurately and thoroughly. Documentation serves as essential evidence in legal proceedings, and it can significantly strengthen your case. When addressing issues related to sexual harassment, legal representation by an experienced attorney is crucial. With the help of a skilled lawyer, you can take steps to address the ways you have been affected by sexual harassment, and you can ensure that your rights will be protected.

The Power of Documentation