In an ideal world, everyone going through a divorce would be honest and upfront about their finances. Unfortunately, some spouses understand that marital property is going to be divided, and because of this, a person may try to hide certain assets from the other spouse during divorce. This is financial fraud, and it can result in an extremely unfair settlement for the spouse that is not hiding assets. The good news is that there are ways to protect yourself from these types of actions by your spouse.
Understand the Potential Types of Fraud
There are many different ways a spouse can try to hide assets during a divorce. A person may temporarily give friends and relatives property, cash, or securities in order to avoid dividing these assets. In other cases, a spouse may try to hide or misreport income in order to reduce his or her spousal maintenance or child support obligations.
Failure to fully disclose one’s income may also be considered tax fraud. This type of fraud may occur not only during a divorce, but after it is finalized as well. If this is done on a joint tax return that you and your spouse have signed, it can result in serious financial repercussions for you. Even if you had nothing to do with the fraud, you may still be held accountable, and you may face the same sanctions and penalties as if you had committed the fraud yourself....
When facing a divorce, most generally want to get the process over with as soon as possible. Unfortunately, ending a marriage takes time. Some of the time waiting for your divorce to be finalized may be out of your control. However, there are some steps you can take to expedite the process. Below are some of the main factors that influence how long a divorce will take in Illinois:
The Residency Requirement and Waiting Period
To get divorced in Illinois, at least one spouse must live in the state for at least 90 days. If you and your spouse agree that irreconcilable differences have led to the irretrievable breakdown of your marriage, you can complete your divorce with no waiting period. If either spouse does not agree to the divorce, irreconcilable differences will be presumed if the two of you live “separate and apart” for at least six months prior to the date of the divorce judgment....
Following a divorce, ex-spouses should be able to maintain the lifestyle they enjoyed during their marriage. When one spouse earns a large income, he or she may be required to pay spousal maintenance to his or her former partner. However, a maintenance award is not guaranteed, and this issue often results in contentious battles in divorces that involve a high net worth, particularly when one spouse has a high net worth and the other, on paper at least, does not.
If you have stayed home to care for children, or if you have been trying to get an education while your spouse has earned the majority of the family’s income, you may be able to receive maintenance (formerly known as alimony) following your divorce. In order to ensure that you receive the spousal support you deserve, you will need to keep the following tips in mind:...
When getting a divorce, most couples want to get the process over with as quickly and amicably as possible. This is why divorce mediation has become such a popular option today. During mediation, the two spouses sit down with a mediator and work together to come to an agreement on the terms of the divorce. The mediator does not represent either party or make any decisions; instead, he or she is simply a facilitator that encourages the couple to cooperate to resolve issues in a respectful and honest manner.
There are many advantages to mediation. A couple can complete the process much more quickly than a litigated divorce that means significant savings as well; however, there are also some potential drawbacks to mediation. Before deciding to enter into the mediation process, you should be aware of these limitations.
The Difficulty of Finding Assets
During a litigated divorce, your attorney has a number of means to determine the full extent and value of your marital assets. During the discovery phase, depositions, subpoenas or other methods may be used to obtain information from your spouse, and questions asked under oath must be answered honestly. This can ensure that all marital property will be discovered, and this process will reduce the possibility that your spouse will attempt to hide any assets from you. During mediation, these resources are not at your disposal. If your spouse is hiding any assets, you will be unlikely to uncover this information during mediation....
Sadly, substance abuse is prevalent in the United States and is the cause of many divorces. When one spouse abuses drugs or alcohol, this can make life very difficult for the other spouse. A family may struggle financially because one spouse has used marital funds to buy drugs or alcohol, and the abusive behavior of an addict may cause other family members to fear for their safety. These are just two of the issues that may present themselves in a marriage involving an addicted spouse.
Before filing for divorce, many people only focus on how different their lives will be once the divorce is finalized. However, it is just as important to realize how substance abuse can affect the divorce process.
A judge will certainly consider substance abuse problems when determining how to allocate parental responsibility (formerly known as child custody in Illinois). A judge’s main consideration is always what is in the best interests of the child. If a parent has a substance abuse problem, the judge may feel that he or she is not able to properly care for a child. In fact, when the abuse is significant, it could endanger the child....