The process of allocating assets during a divorce is often one of the most contentious issues between couples. The state of Illinois practices equitable distribution of assets and liabilities, rather than equal distribution. This means that there is nothing saying a judge has to assign half of the marital estate to each spouse -- one spouse could end up walking away from the divorce with more money or more debt. Because of this, some spouses may be tempted to cover up assets so they may keep them for themselves. Illinois courts strongly recommend that couples try to come to an agreement on property distribution on their own, but this is not always possible, especially if both spouses are not willing to be truthful with each other.

This is often the step of the divorce process in which “discovery” comes into play. Discovery is the exchange of information between the two spouses and their attorneys. During this step, both spouses are required by law to be fully and completely transparent about the issue at hand. This means each spouse must disclose any and all assets, including both marital and non-marital assets.

The Role of a Forensic Accountant

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There are many reasons why couples get divorced. Infidelity, financial problems, lack of commitment and different priorities are all common reasons why couples choose to get divorced, but they all typically contain one major common theme -- a lack of trust. When you no longer trust the person you are married to, it is difficult to have a successful marriage. During a divorce, it is not uncommon for one or both spouses to have assets that they have attempted to hide from the other. While this may seem like a good way to keep your spouse from getting certain things in a divorce, it is illegal. Full disclosure is required in divorces. If you feel like your spouse may be hiding things from you, here are a few ways you can try to uncover hidden assets in your divorce: Look Over Tax Returns A good place to start looking for hidden assets is on your tax returns. Pull your tax returns from the last five years and examine them carefully. You should be looking for any inconsistencies in the returns, such as inconsistencies in income, itemizations of assets, real estate taxes, mortgage interest. Keep an Eye on Your Bank Accounts Take a look at your joint bank accounts. Are there any canceled checks from your checking account? Are there unusual withdrawals or deposits into your checking or savings accounts? If so, you may be dealing with a spouse who has attempted to hide money from you. Make sure you get copies of all bank account statements to use in court. Utilize Public Records

Public records can be extremely helpful when you are looking for hidden assets. Some jurisdictions allow you to access certain public records online, but all jurisdictions have public records on hand at the courthouse. When looking through public records, you should focus your attention on:

• Property deeds;
• Real estate appraisals;
• Tax assessments;
• Loan applications; and
• Business records.

Team Up With a DuPage County Asset Discovery Attorney

One of the most difficult parts of a divorce is the asset division process -- especially if you are dealing with a spouse who has attempted to hide his or her assets. At the Law Office of Matthew M. Williams, P.C., we know that dealing with hidden assets is a difficult task. Our skilled Aurora, IL asset discovery lawyers will help you find any assets that your spouse may be hiding from you through teamwork with forensic accountants and other experts. Call our office today at 630-409-8184 to set up a consultation.

 

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split your assets during the divorce. If you and your spouse purchased the house during the marriage, your house will be considered marital property. If one of you owned the home prior to tying the knot, then your home may be considered non-marital property unless you and your spouse refinanced the mortgage or put both of your names on the deed to the home. There are basically three options that you and your spouse have when it comes to dividing the value of your home: you sell the house, one of you keeps the house, or you both keep the house. Everyone’s situation is different, so what may work for other people may not work for your family. Before you make the decision, you should weigh the pros and cons of each option. You Sell the House The easiest thing to do for most couples would be to sell the house, split the proceeds, and go their separate ways. This option is obviously ideal for couples whose home has appreciated in value, but couples whose home has depreciated in value may want to look at other options. If the house has appreciated in value, capital gains may be owed on the sale of the house and both spouses will be responsible for paying half of the bill. One Spouse Keeps the House This can be a tricky option. If one spouse wants to keep the family home, that spouse will have to become the sole owner of the home. To do this, the spouse will have to refinance the house with a new mortgage. The new mortgage would take the spouse’s own creditworthiness into consideration when refinancing and your interest rate could go up if this happens. You may also need to buy your other spouse’s half of the home from them, which could become expensive. You Both Keep the House Though it may be rather unusual, some couples may agree that the best option is to keep the home as a jointly owned asset. Most of the time, this is a short-term option for couples who either do not immediately qualify for a new mortgage, do not have the funds to buy out each other’s half, or just do not want to sell the house because of the children. Consult with an Aurora, IL Property Division Attorney

Making the decision of what to do with the family home can be a tough one. Home is where you make memories and many people have a tough time letting go of that. If you are unsure of what option would be best for you and your family, a knowledgeable DuPage County property division lawyer can help. At the Law Office of Matthew M. Williams, P.C., we have extensive experience valuing and dividing all kinds of marital assets, including family homes. For more information or to inquire about a consultation, call our office today at 630-409-8184.

 

Sources:

https://www.nerdwallet.com/family-law-attorney/finance/deciding-family-home-divorce/?trk_location=ssrp&trk_query=divorce&trk_page=3&trk_position=2

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There were an estimated 27.9 small businesses in the United States in 2010. Owning a business can be a very rewarding and fulfilling experience, but it can also be scary if you get a divorce. Typically in Illinois divorces, the two spouses must split their assets according to Illinois’ equitable division guidelines. This does not necessarily mean that each spouse will get half of the marital assets, but it does mean that the judge will determine what is equitable. The only things that are subject to division are those that are considered marital property. Your business may or may not be considered marital property and figuring that out is your first step in protecting your business from your spouse. Here are a few ways you can protect your business and keep it in your control during your divorce:

Get Your Business Valued

One of the first things you will want to do is to find out how much your business is worth. This can be accomplished by using a court-appointed valuation expert who is required to be unbiased when coming up with a value to assign to your business. It is still a good idea to hire an outside valuation specialist to make sure your result is in line with the court’s result.

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Divorce brings with it a plethora of things that you must settle before you can finalize your divorce. Just one of the many things involved in a divorce is property division. When you are married, you and your spouse share almost every aspect of your lives together. Though this makes your life easier while you are together, it can make for a tough time when you get a divorce. Property division can often turn even the most peaceful of divorces into screaming matches. Here are a couple of things that you should know about Illinois property division before you settle your divorce:

Illinois Is an “Equitable Division” State

In the state of Illinois, property division is divvied up in a way that is equitable, rather than equal. This means that all factors will be looked at before determining which spouse gets which property. This also means that property division will not always be 50/50. If the judge feels that one spouse should receive more property than the other, then he can award that spouse more.

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