Any Illinois couple who is going through a divorce may need to address many details and issues that come up. Whether a couple is affluent or not, there are unique challenges presented in each situation. One of the common issues that come up during a divorce is the division of property and assets. When a couple or spouse has a high net worth, however, there may be more importance placed on this particular section of the divorce.

High asset divorces may necessitate a deeper exploration of all assets. Because Illinois is an equitable distribution state, there is no insistence on strictly equal division of martial property. Understanding the size and extent of a marital state is typically the first step in dividing assets.

In preparation for this discussion, a person may want to take a few steps before the negotiations begin. First, having all important paperwork in order is helpful. This may include bank records, securities acquisitions records, trust agreements, records of gifts from the other spouse, and retirement plan records.

Once all the paperwork is compiled, establishing an individual credit card or savings account is recommended. Contact the bank to prevent future charges on a joint or shared account in order to keep funds secure.

During the divorce process, retaining professional guidance could prove to be quite helpful. By seeking advice for both legal and financial reasons, a person can avoid irreparable damage to his or her rights, property and future.

Divorcing parents will want to focus on establishing the parenting plan. Set up child support payments, make a financial plan for the child's college and make sure that the kids have suitable health insurance coverage.

In terms of the future, a couple will want to address the future of their house. Determining whether to sell or keep it will be very important in asset division discussions. Looking even further into the future, a couple will want to determine what will happen with any retirement funds a couple accrued. The valuation of retirement savings is quite complex and should be handled accordingly.

Generally, couples who have more assets to split can have a more complex divorce financially. However, by being prepared, seeking support and planning for the future a couple can successfully navigate a high asset divorce.

Source: The Huffington Post, "We're Getting A Divorce, Now What?" Linda Descano, Feb. 1, 2012