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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Subscribe to this list via RSS Blog posts tagged in dividing marital property

Hinsdale divorce and hidden assets attorneyIt is not uncommon in marriages for one spouse to handle a majority or all of the couple’s finances while the other spouse has little to no input on these matters. Family law attorneys and psychologists have a specific term to refer to the spouse who has little say in financial matters: the “out-spouse.” When you are the out-spouse, it can be fairly easy for your partner to hide assets or other property in an attempt to keep more than his or her fair share of the marital estate during divorce. Part of the divorce process is dividing up your marital assets so that you and your spouse each get your fair share. To ensure your property is divided fairly, you have to have at least some idea of what your financial situation looks like, which is rarely the case if you are an out-spouse.

The Discovery Process

If you suspect your spouse is hiding assets from you, chances are he or she will not be willing to come forward and reveal those assets and financial records willingly. During your divorce, your attorney will be able to obtain this information through what is known as the discovery process. This process is a way that your attorney can formally ask your spouse for financial records. The court can take further action in pressuring your spouse to provide the required information if he or she remains uncooperative. The basic steps of the discovery process include:

  • Request for documents: Your attorney will ask for access to certain documents, which can include tax returns, bank statements, income statements, loan applications, or any other information that may be necessary to obtain a complete picture of your family’s finances.

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Oak Brook marital property division attorney

Most of the decisions you make during your divorce can and probably will affect you for the rest of your life, but one of the most important decisions you and your spouse must come to is how you will divide your marital estate. For many couples, this can be an emotional and highly contentious process because of the importance placed on their belongings and the need to have financial security after the divorce process has been completed. The way marital property is divided can affect a person’s financial stability or even their ability to retire later in life. With so much at stake, Illinois courts urge couples to try to come to an agreement on their own about property division, though, if they cannot, they will have to take the issue to court.

Factors for Consideration

If a couple is unable to reach an agreement about how their marital estate will be divided, they will have to appear before a judge so that he or she can make a determination for them. If this happens, the judge will only make decisions about marital property, or any property that was acquired after the couple was legally married but before a judgment of legal separation was entered. The judge will consider a variety of factors, including:

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