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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 divorce marital home

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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Lombard divorce lawyer for marital homes

If you are one of the lucky people who gets to live out the American dream by buying and owning your own home, you know how rewarding it can be to have a place of your own. When you are married, real estate property becomes more than a house -- it becomes a home. Dealing with your family home can be one of the toughest decisions you will make when dividing your property during your divorce. In many cases, the family home is the most valuable asset a couple owns, both financially and sentimentally.

For the most part, three basic options exist when it comes to dealing with your marital home. You and your spouse can choose to sell the home, one of you can keep the home, or you can both keep the home. Each family situation is unique, so what may be right for one family may not necessarily be right for another. 

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