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 | 630-200-4882
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Evening and Weekend Hours by Appointment
West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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Serving Kane, McHenry, DuPage and Cook Counties

Kane County family law attorneysWhen a couple decides to legally end their marriage, there are many issues that need to be addressed. For example, if children are involved, who will be allocated parental responsibilities, child support payment amounts, and a parenting time schedule must all be resolved. Decisions regarding who will get what in the divorce settlement are also important. Marital property can include homes, furniture, vehicles, as well as monetary assets like savings or retirement accounts. Spouses who did not work or participate in any type of retirement savings plan may wonder if they are entitled to a portion of their partner’s account. In Illinois, marital property is divided according to the principles of equitable distribution. As a result, your future ex-spouse can receive part of your retirement savings even if he or she never contributed to the account.

Types of Retirement Plans 

There are many different types of ways to save for retirement. In today’s society, people do not always spend their entire career with one company like in years past. Employees often choose to roll over their retirement accounts as they change jobs. In some cases, a business might not even offer any type of savings plan for retirement, so workers might create their own through a bank or a financial planner. 

A few of the most common retirement savings plans include:

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Kane County dissipation attorneysAlthough it would be ideal, not every divorce is amicable. One spouse may have been planning to split for months, while the other spouse is blindsided by the news. In certain scenarios, one partner may have controlled all or most of the couple’s finances during the marriage. In these cases, one spouse is put at a disadvantage because he or she is financially vulnerable. 

Under Illinois law, the division of assets or property is subject to equitable distribution. This means any marital property that was acquired during the marriage will be divided in a fair manner. However, one spouse may be guilty of depleting and/or hiding assets in order to keep more for himself or herself after the marriage is legally terminated. Inappropriate spending in such a situation is called dissipation of assets, and a skilled attorney along with a forensic accountant can help in revealing this form of deception.         

How to Detect Wasteful Behavior

Dividing assets or property can be one of the most contested aspects of a divorce. The court considers several factors when determining who gets what. In some cases, the split could be 65/35 or 80/20, or all marital property could even be allocated to one spouse.  

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Kane County family law attorneyA divorce can trigger many different emotions, from anger to sadness to resentment. Although there are couples who part ways amicably, many divorces can be contentious. Such cases can involve disputes over parenting time, child support, spousal maintenance, and property division. One of the biggest questions is who will be allowed to stay in the marital home? In many cases, both spouses feel like they are entitled to the house they bought together. However, usually only one spouse will remain in the home and the other spouse will move out. Determining this can be complicated and a major point of contention. 

How Are Marital Assets Divided? 

In Illinois, marital assets or property include anything that was acquired during the marriage. This can also be debts that one or both partners accrued. Non-marital property are things that each spouse owned before the wedding or acquired once they legally separated. Gifts and inheritances received by just one spouse during the marriage are still generally considered non-marital property. On the other hand, the home the couple lived in is often considered marital property, even if it was bought before the couple was married.

When it comes to splitting the marital estate, it is divided according to “equitable distribution.” This means items are divided fairly and may not be split exactly in half. The courts will consider several factors when deciding how to divide the assets equitably. Some of these factors include:

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Kane County family law attorneysWhen a couple decides to end their marriage through divorce, they have the option of deciding how to divide their assets and wealth on their own. However, when a couple cannot come to an agreement about property division, the courts must intervene. Illinois courts use a system called “equitable distribution” to divide a divorcing couple’s marital estate. If you are considering getting a divorce in Illinois, it is important to understand how asset division decisions are made.

Marital Property and Separate Property

According to Illinois law, only marital, or shared, property is divided in a divorce. Marital property typically includes any property or funds that either spouse accumulated during the marriage. Non-marital property, or separate property, includes assets that a spouse already owned before he or she got married. However, differentiating between separate and marital property is not always this straightforward. Certain gifts and inheritances may also be considered separate property – even if the spouse received the gift or inheritance while he or she was married. Furthermore, separate property can be transformed into marital property when it is commingled with marital property.

For example, if a husband purchases a house before he got married but then he and his wife both contributed to the mortgage, the home will likely be considered marital property during divorce. Similarly, if one spouse receives an inheritance during the marriage but then deposits those funds into a shared account, the inheritance funds transform from separate into marital property. The inheritance would then be subject to division according to equitable distribution.

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St. Charles hidden assets attorneysUnder Illinois divorce laws, marital property is subject to equitable distribution, meaning each party receives a fair share of any assets that were acquired during the marriage. However, sometimes a spouse can be dishonest, depriving the other spouse to what he or she is entitled. This can be done a number of ways, and although common in high net worth or complex divorces, it can happen in any type of divorce. Forensic accounting is defined as the use of accounting practices to investigate fraud and to analyze financial information for use in legal proceedings, such as disputes or litigation during a divorce.  

How Are Assets Hidden?

People can be creative when they want to conceal money or valuable possessions. In a lot of cases, one spouse earns the majority of the income or owns a business, so that spouse often has easier access to financial matters.

Some of the ways assets can be hidden include:

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