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Illinois high asset divorce focuses on wife’s lifestyle needs

On Behalf of | Dec 19, 2021 | Firm News |

Divorce legal issues are inevitable in all but the most amicable divorces, and that is especially true when it is a high asset divorce with significant items being contested during property division. Those who are planning to get a divorce and have substantial assets, make a lot of money, or desire to keep certain items from before and after the couple married need to have a grasp on the litany of factors that go into a divorce of this magnitude. These are often in the news as they involve famous or prominent people.

The founder of a cancer center and his wife have been going through a contentious divorce. As the case moves forward and their lavish lifestyle is sifted through, financial experts are needed to determine exactly how certain issues, like spousal support, will be settled. For the wife, the “lifestyle analysis” came to various conclusions that led to her claiming to need a net of nearly $434,000 per month to keep up the lifestyle to which she had grown accustomed during the marriage. The divorce commenced seven years ago and it is still being determined how much the wife will receive.

Complicating matters is a prenuptial agreement that was signed prior to the marriage. The agreement, however, stated that the maintenance would be negotiable should the marriage last longer than seven years. Since it did, alimony amount is on the table. Testimony regarding the wife’s lifestyle was provided by those who have worked with and known her. The couple had extensive property holdings with a luxurious lifestyle replete with frequent travel and other costly amenities. The wife would like a large amount of money to purchase a new home. The case is ongoing with both sides continuing to battle over how much will be paid and who is going to receive what property once the case is concluded.

This type of case might seem to be exorbitant to a working person, but it is not unusual for there to be disputes over spousal support and property division in any case, whether it is on a small or large scale. Since this is so well-known a case, it might seem to be unique, but the circumstances can easily be adapted to any situation. Once thing is certain: anyone who is ending a marriage needs to consider seeking help from an experienced Illinois family attorney.

Source: Duluth News Tribune, “Divorce trial ‘lifestyle analysis’: Cancer center founder’s ex-wife needs more than $400K a month,” Kate Thayer, Amanda Marrazzo, Nov, 1, 2016