In any divorce, a couple will have to go through a legal process before the marriage is legally terminated. These proceedings involve many different decisions, especially when children are involved or there is a significant amount of assets. In the state of Illinois, marital property is divided using the equitable distribution method, which means items are split fairly but not necessarily 50/50. Full disclosure of assets is necessary in order to properly divide the marital assets. If one spouse is hiding or wasting a portion of the marital assets, this can negatively affect the property awarded in the divorce settlement.
Revealing Deceptive Tactics
By the time that a couple files a petition to dissolve their marriage, their relationship is likely to be over. In some cases, one party may try to gain an advantage by making it appear that there are fewer assets to be divided. These actions can also include transferring marital property to a third party without the other spouse’s consent. In Illinois, for this kind of activity to be considered dissipation, it has to occur when the marriage is already broken down beyond repair....
Divorces can be difficult, even under the best of circumstances, such as when both spouses come to the mutual decision to part ways. Dividing up property and assets may have its challenges, and in some cases, subpoenas might be necessary during the discovery phase of your divorce. This part of the process involves full financial disclosure by each spouse of all marital and non-marital assets and the income you both earn. If you believe your spouse is not being completely honest, an attorney can use various methods to uncover the truth. According to Illinois law, attorneys are allowed to issue subpoenas, which are basically formal requests from attorneys. The recipients of these legal documents must comply with them by law. The term subpoena means “under penalty.” Subpoenas can play crucial roles in ensuring both spouses receive their fair share of the marital estate.
In order to initiate a divorce in Illinois, one spouse must file a Petition for Dissolution of Marriage. The receiving spouse (respondent) is required to file a response to the petition. Both parties need to make sure their divorce papers are filed with the court and properly served or delivered to the other spouse. Next, either side can serve discovery requests and the court can issue orders regarding the disclosure of pertinent information and documents....
After English singer-songwriter Adele divorced her husband in 2019 without a prenuptial agreement in place, many wondered what would happen to her amassed wealth. Ultimately, the divorce settlement was worth 140 million English pounds, which is more than 175 million dollars in the United States. Some people have stated that the fact that Adele did not have a prenup in place was a mistake. However, there are other mistakes many people make when going through a high net worth divorce. If you are about to go through a divorce, and you or your spouse have a high net worth, you will want to understand how you can protect yourself financially. Here are some common mistakes that you will want to avoid:
1. Hurrying the Divorce Process
No one wants to go through a lengthy divorce, but high net worth divorces are rarely over quickly. Multiple professionals often have to get involved, including attorneys, financial advisors, forensic accountants and others. These professionals can provide valuable insight into how to resolve the legal and financial issues involved, and they can help divorcing spouses reach a fair settlement. If you try to rush the divorce process, you may end up making hasty decisions that will cost you in the long run, and you may regret these mistakes for years to come.
2. Letting Emotions Take Over
Feelings of guilt, anger, regret and resentment are common in any divorce. These emotions are all completely normal, but you will want to do your best to put them aside and to ensure that they do not influence the decisions you make. Failure to do so can lead to mistakes that you may regret in the future....
Illinois law requires Courts in divorce proceedings to divide any marital property between the parties in an appropriate and fair manner. Moreover, all relevant factors in the case must be considered. One of those factors for the Judge to consider is the dissipation of marital assets by one or both spouses.
Dissipation is the legal term for when a spouse wastes or misuses assets for his or her own benefit for a purpose unrelated to the marriage, as the marriage is experiencing an irreconcilable breakdown.
Common Types of Dissipation of Marital Assets...
Locating Hidden Assets in a Palatine Divorce
Illinois law requires that parties in a divorce disclose all financial information to the other spouse in order to facilitate the division of assets. Most of the time this information exchange is done in the spirit of the law, since both parties have full knowledge of both the marital asset and their spouse’s non-marital assets.
However, in certain cases, one spouse purposely hides assets from his or her spouse. This may be done in anticipation of divorce, or a spouse may have secretly stashed money away throughout the marriage in the event of a divorce....