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DuPage County hidden asset divorce lawyerFor every divorcing couple, there will always be at least one issue that is likely to be contentious and cause issues during negotiations. For some couples, issues involving the children, such as the allocation of parenting time and parental responsibilities, can cause tension and difficulty. For others, the asset division process can be this source of tension. The financial side of divorce is extremely important to pay attention to, as it can greatly affect your individual finances for years into the future. Some people may even go as far as to attempt to hide certain assets from their spouse in the hopes that the asset will not have to be split upon divorce. Purposefully concealing income and other assets from your spouse during a divorce is illegal and can prevent a fair distribution of marital assets.

Hidden Assets and the Asset Division Process

Obviously, one of the issues that would be affected by your spouse hiding assets is simply how the assets are allocated between the two of you. Illinois law states that all marital property is to be divided in an equitable manner among both spouses, but marital property cannot be divided if it is concealed. Here are a few signs to look for that may indicate that your spouse is concealing assets:

  • Your spouse insists on maintaining complete control over the finances and access to online bank accounts.

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Naperville IL marital property division attorneyGetting a divorce often makes people feel like they are diving into the great unknown. From the moment you and your spouse make the decision to split up, there are many changes that should be anticipated. Some of the biggest changes that take place during a divorce have to do with your finances and how your assets are distributed. The Illinois Marriage and Dissolution of Marriage Act (IMDMA) states that each spouse is supposed to get an equitable share of the marital estate, which may not always work out to be an equal share. However, when it comes to certain assets, such as those obtained through an inheritance or family wealth, property division can become tricky because each situation is different from the next.

Determining Your Marital and Non-Marital Property

Prior to actually dividing any of your property, your attorney will want to determine which of your properties are marital assets and which are non-marital assets.  According to the IMDMA, in general, any asset acquired by either spouse prior to the marriage is considered to be non-marital property that is not subject to division during a divorce. Any asset that is acquired by either spouse during the marriage is considered to be marital property, which is subject to division during a divorce. There are a few exceptions to the marital property rule, however. Assets that are obtained during a marriage can be considered non-marital property if the asset:

  • Was given as a gift, acquired by legacy or descent, or acquired in exchange for such property

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Wheaton divorce lawyerEvery divorce case will have its areas that cause disputes. For some couples, child-related issues will be the epicenter of most of the divorce conflict. For others, typically spouses who do not have children, the asset division process can be this source of contention. The asset division process can be long and confusing, especially since much of the process involves delving into your finances.

Unfortunately, divorce can bring out the worst in some people, prompting them to do things that they normally would not do or things that they know they should not do. In a high-asset divorce, it is not uncommon for a spouse to attempt to hide assets or otherwise keep his or her spouse from receiving a portion of the marital estate. This is where help from a forensic accountant can be beneficial.

Illinois Asset Division and Discovery

When it comes to the rules governing asset division, each state is different. The state of Illinois uses what is called an equitable distribution model. This, however, is not to be confused with equal distribution. Equitable distribution means that each spouse will receive a portion of the marital estate, that is deemed fair when all relevant circumstances are considered. Illinois courts urge couples to agree upon asset division themselves, but a court will divide assets if need be. If the court divides a couple’s marital assets, there is a chance that one spouse will receive a larger portion of the marital estate than the other spouse.

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