303 W. Main Street, West Dundee, IL 60118
 | 847-428-7725
Call for a Free Consultation
Evening and Weekend Hours by Appointment
100 Illinois Street, Suite 200, St. Charles, IL 60174
 | 630-200-4882
By Appointment Only
Evening and Weekend Hours by Appointment
West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
Facebook Twitter LinkedIn
Search
Serving Kane, McHenry, DuPage and Cook Counties
Subscribe to this list via RSS Blog posts tagged in hidden assets

St. Charles IL divorce lawyerThe process of legally ending a marriage can take many months even after a divorce petition has been filed. However, for many couples who separate before seeking a divorce, the process can be much longer. Some people are separated for years before finally making the decision that divorce is the best option. If this is true for you, you may find yourself dealing with some of the following legal issues during the divorce process.

Demonstrating Irreconcilable Differences

In order for a divorce to be granted in Illinois, the petitioner must demonstrate that the marriage has failed due to irreconcilable differences. This is a minor obstacle for most couples who are in agreement about getting a divorce, but it can be a bigger challenge when one spouse is opposed. However, if you and your spouse have already been living apart from each other for at least six months, with or without a judgment of legal separation, the court will consider this as irrebuttable evidence of irreconcilable differences, meaning that the divorce can proceed despite a spouse’s possible objection.

Revisiting Spousal Maintenance and Child-Related Issues

If you have petitioned the court for a judgment of legal separation prior to filing for divorce, it is likely that you have already reached an agreement with your spouse regarding spousal support, child support, and the allocation of parental responsibilities throughout the separation period. This may help you to simplify the divorce process if this arrangement continues to meet everyone’s needs and you can agree to continue it under the same terms after the divorce. However, if your circumstances have changed substantially during the separation, or if you are no longer satisfied with the agreement, you will have the opportunity to renegotiate the agreement during the divorce process.

...

Algonquin divorce attorney litigation

For most divorces in Illinois, it is possible to reach a resolution through a settlement based on a cooperative agreement between the spouses, often with the assistance of attorneys or mediators. However, in some cases, a settlement is not possible, and the terms of the divorce will need to be determined through a trial and court ruling. A trial can be costly, time-consuming, and emotionally draining, but it may be your only option. If you can recognize the signs that a trial may be necessary, you can better prepare yourself with the help of a skilled divorce attorney who can present a strong argument in your favor.

When Is a Divorce Trial Necessary?

A divorce may go to trial if the circumstances surrounding it are contentious. Some signs that you may need to resort to trial litigation include:

...

Kane County family law attorneysA divorce can be complex, with many issues to resolve. Some couples argue over money, especially as it relates to child support or spousal maintenance. In high-asset divorce cases, one spouse may deliberately try to hide funds in an effort to keep them from the other spouse. That is why it is important to seek professional legal counsel to make sure you are not being taken advantage of during the proceedings. Hidden assets can be uncovered in several different ways with the help of a forensic accountant, as well as an experienced divorce attorney.      

Ways in Which a Spouse May Hide Marital Assets

There are certain ways your spouse can be deceitful if he or she does not want to share a portion of the marital assets. One of the most common ways to hide assets is to transfer them to a new bank account that is only in your spouse’s name. Hidden assets may also include other acts, such as using dinners as a business expense or tax write-off. Undervaluing a piece of property you own together is another way to conceal funds. 

Below are a few examples of the means through which marital assets may be hidden:

...

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:

...
  • Illinois Best Law Firms
  • Super lawyers
  • Attorney Registration and Disciplinary Comission
  • Lawyers Association Program
  • Illinois State Bar Association
  • Kane County Bar Association
  • DuPage Bar Association
  • Martin Dale
  • aacfl
Back to Top