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What If My Spouse Is Hiding Assets During Our Divorce?
Under Illinois law, both parties are required to make full and honest financial disclosures to ensure the asset division component of divorce is fair. However, that does not always happen. If you think your spouse is being dishonest about funds or property, a Plainfield, IL divorce attorney can help you uncover the truth and protect your share of the marital estate.
How To Tell If Your Spouse Is Hiding Assets in Divorce
Financial deception is common in divorce, especially when there is an imbalance in knowledge about marital funds or one spouse has control over the household finances. Sometimes, the signs of hidden assets are subtle, such as unusual bank transactions. In other cases, the concealment is more calculated, such as diverting income through a business or hiding assets under another person’s name.
The Role of Forensic Accounting In a High-Asset Illinois Divorce
Not all marriages end in a peaceful, amicable way. Sometimes, couples dispute over assets and debts, and if you and your spouse have a significant asset portfolio, the risk of hiding or dissipating assets is greater. Forensic accounting is an invaluable tool in ensuring the disclosure of all assets. Consider how a forensic accountant can help you during a high-asset divorce, and contact an experienced Plainfield, IL high-asset divorce attorney to learn more.
What Is Forensic Accounting?
Forensic accounting refers to the use of accounting skills to analyze financial information for legal proceedings. In the context of a divorce case, forensic accountants will typically use their skills to locate hidden income and assets. They use financial documents like tax returns, bank statements, real estate records, insurance policies, and more to do their job. During a high-asset divorce, they can also be a helpful expert witness, helping to ensure that all assets and income are accounted for to be divided and distributed according to Illinois law.
What Are the Types of Spousal Maintenance in Illinois?
As divorce proceedings begin, the implications of separating finances are often a primary concern for most people. When one spouse earns significantly less or has less earning power than the other, the spouse who earns more may have to pay spousal maintenance, also known as alimony or spousal support. In Illinois, there is more than one type of alimony. Consider the types of alimony and the conditions for each. Then, contact an experienced Plainfield, IL spousal support attorney to discuss how the laws may apply to your case.
What Does Illinois Law Say About Spousal Maintenance?
In Illinois, spousal maintenance refers to a payment made from one ex-spouse to another to offer financial support after divorce. According to the Illinois statute regarding spousal maintenance, the court will determine whether spousal maintenance is appropriate by considering several factors:
Can I Request a Change to a Child Support Order in Illinois?
In Illinois, family courts recognize that a post-decree modification is sometimes necessary for a child support judgment to accommodate a change in circumstances. If you need to change the amount of child support you pay or receive, an experienced Plainfield, IL child support modification attorney can assess your situation to determine if you qualify. The court applies the laws that govern post-decree modification on a case-by-case basis, taking into consideration your unique situation. However, there are some basic elements you should understand before you spend the time and effort petitioning the court for a child support adjustment.
When Should You Request a Child Support Modification in Illinois?
Modification of child support can only be done through the court that issued the original judgment, and the court will only hear a request to change the payments under specific circumstances. In general, you must be able to prove that either parent has experienced a substantial change in circumstances. However, if at least three years have passed since the child support order was issued, the court will likely hear your request.
Understanding the Allocation of Parental Responsibilities in Illinois
Understanding the laws that apply to child custody, known in Illinois as the "allocation of parental responsibilities," is critical for parents who are separating or getting a divorce. Several factors can complicate the process of negotiating parental responsibilities, and each situation is unique in one way or another. A Lombard, IL child custody attorney can help you navigate child custody and protect your rights as a parent with your child’s best interest in mind.
How Does Illinois Define Child Custody?
According to Illinois law, the phrase "parental responsibilities" covers the two main components of child custody: all decision-making responsibilities, formally known as legal custody, and parenting time, previously called visitation. Decision-making obligations include all major decisions involved in raising a child:
Property Division Issues in a High Asset Illinois Divorce
Every divorce case has unique factors that can influence the outcome, but property division is more complicated in high-asset divorces. Without meticulous analysis and the assistance of an experienced Illinois high-asset divorce attorney, you risk undervaluing assets or accepting an unfair agreement. Consider these challenging elements that are common to high-value divorces before speaking with a legal representative.
Investments and Stock Options
Illinois follows the rule of "equitable distribution" of assets and debts in a divorce, dividing property as fairly and justly as possible. Individuals and couples with a high net worth tend to have investments and stocks, and these assets can be subject to division if they are marital property, which generally means they were earned during the marriage.
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From our offices in Lombard and Plainfield, The Law Offices of Robert F. Kramer, Ltd. represents individuals and families throughout the area, including but not limited to DuPage County, Will County, Kendall County, Addison, Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Downers Grove, Glendale Heights, Glen Ellyn, Hinsdale, Lockport, Naperville, Oak Brook, Oswego, Romeoville, Villa Park, and Wheaton.
Results listed are not a guarantee or indication of future case results.
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