The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,When a couple is preparing for or going through a contentious divorce it happens that one spouse may attempt to hide assets, run up debt or sell off property in an effort to cheat the other from what might otherwise be a fair split of marital assets. You can prevent this “win at all costs” strategy by taking steps to protect marital assets.

Establish a Plan Before a Divorce Occurs

There are steps you can take, although one must proceed with caution while doing so, to protect marital assets from dissipation:

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Divorce and Asset Division

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Illinois custody attorney, Illinois family law attorney, Illinois divorce lawyer,When a marriage results in divorce, the end is usually not as simple as each spouse picking up and heading off in separate directions. Before a divorce decree is issued, the parties must go through the identification, valuation, and subsequent allocation of all marital property.

The Asset Division Process

In Illinois, when a divorce enters the asset division and allocation process, the law calls for an “equitable” distribution of assets, meaning “fair,” and not “even” or even 50-50. This includes:

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Property Division in Divorce

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Property Division in Divorce , divorce, property division, family law, child support, marital assetsGoing through a divorce is a complex issue both legally and emotionally. Many contentious issues must be decided on including, child custody, child support, and property division. When a house is part of the property that needs to be divided the tenants of divorce law are used to determine how the home or the home's value is shared between the spouses. It takes an experienced and insightful DuPage County divorce lawyer to navigate this treacherous legal terrain successfully.

Equitable Division

Illinois law controls how real property is divided in a divorce. Illinois is an "equitable division state." That means that the law does not require that marital assets be divided equally among divorcing spouses. Instead, the law requires that property is distributed equitably. Judges rely on several variables to determine what an equitable division of property is, however, Illinois courts are forbidden to consider marital misconduct for property division. Instead, judges are instructed to consider:

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The Dangers of Hidden Assets in Divorce

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hidden asset, DuPage County family law attorneyA divorce is rarely an easy undertaking and, in some cases, can be extremely complex, especially if you fear that your spouse is not being honest about his or her financial situation. Hidden assets can prevent the court from putting together an accurate assessment of the marital estate, which could affect not only the property division process but issues related to spousal and child support as well.

What is a Hidden Asset?

While it is possible for a spouse to hide assets while living in the marital home during the marriage, it becomes even easier to hide assets following a separation. If you and your spouse are living apart, he or she could have opened secret accounts, started working under the table, received gifts from friends, or made undisclosed investments. Hidden assets may also take the form of physical items like jewelry, furniture, artwork, and real estate.

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property, DuPage County divorce attorneyWhen a couple gets divorced, one of the most contentious aspects of the process involves the identification and division of marital property. For many couples, the marital estate is a physical representation of their life together, making it very difficult for the parties to reach a reasonable resolution.

If you and your spouse cannot come to an agreement regarding your property, the issue will be left to the court to decide. Such a situation leads many to assume that the court will simply divide the marital estate into equal halves, and allocate 50 percent of the marital property to one spouse and 50 percent to the other. According to Illinois law, however, this is not exactly the case.

Equitable Distribution

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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