In an Illinois divorce where the combined income of both spouses is less than $500,000 there is a particular mathematical formula used in order to decide how much alimony will be awarded. In high asset divorces however, this mathematical formula is not utilized. Instead, a judge will take certain factors into consideration in order to determine the alimony amount they deem fair. Factors considered by a judge when awarding alimony in a high asset divorce are listed in the Illinois Marriage and Dissolution Act. They include each party’s income, each party’s standard of living and how long the marriage lasted.
There is a lot at stake in an Illinois high asset divorce. In order to avoid regret resulting from your divorce proceedings, contact Michael J. Smith, Attorney at Law, LLC. Attorney Michael J. Smith has helped clients in northern Illinois for 40 years.
