Marital property division plays an important role in divorce proceedings. Getting the total amount you are entitled to impacts your ability to recover from a divorce, now and in years to come. Unfortunately, it is not uncommon for one spouse to attempt to hide assets from the other to avoid having to split them. Find out how our Chicago divorce attorneys can help you address this problem.
Over your time together, you and your spouse may have accumulated a significant amount of property or assets. Under the Illinois Statutes, anything purchased, earned, or otherwise acquired over the course of your marriage needs to be divided equitably between the both of you in the event of a divorce.
Marital property and assets in a divorce includes homes, cars, furniture, other household belongings, antiques, and any type of collectible. It also includes money in bank accounts, investments, shares in businesses and retirement benefits. Factors that influence how property is divided include:
To avoid splitting them in divorce, a spouse may attempt to hide assets. They may sell or give items away with the intent to re-acquire them once the divorce becomes final or simply fail to disclose them to their partner or on financial declarations filed with your divorce.
To address hidden assets, you need to conduct a thorough search. Do a thorough inventory of all property you own and search bank accounts, looking for anything that might be missing or large withdrawals. Common places to look for hidden assets in divorce include:
At the Women’s Divorce and Family Law Group, Our Chicago divorce attorneys can help you in taking the steps needed to identify hidden assets in your divorce. To ensure you get the maximum amount you are entitled to in any settlements or final orders, get our team on your side. Call or contact our office online and request a consultation today.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
“When I needed a family lawyer, I trusted the Women’s Divorce & Family Law Group and you can too.” Dr. Debra Thomas – Orthopedic Surgeon – 1988 U.S. Olympic Bronze Medalist”
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