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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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DuPage County divorce attorney asset division

Finances have a tremendous impact on divorce. Without accurate, up-to-date financial information, it is impossible to negotiate a fair divorce settlement. This is why each spouse is required to complete a financial affidavit during the first stages of the Illinois divorce process. Unfortunately, not every spouse is truthful when filling out the affidavit. Spouses may lie about their income, assets, debts, and expenses in order to sway the divorce settlement in their own favor. Doing this is not only unethical, it is also unlawful. An experienced divorce attorney can help protect your rights to marital assets.

Hiding Assets By Transferring Funds

One of the easiest ways to hide money during a divorce is to simply move the funds into a bank account that the other spouse is not aware of. A spouse who wants to artificially lower his or her net worth may transfer money from joint accounts into separate accounts. He or she may even transfer assets to a friend or relative with the understanding that the loan is temporary and that the money will be returned after the divorce. Another way spouses may try to transfer money under the radar is by getting cash back on everyday purchases like groceries. Doing this once or twice will not make a major impact, but over time, thousands of dollars may be transferred into cash this way.

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Oak Brook divorce attorney dissipation of assets

It is no secret that money is the source of countless marital arguments. Many married couples fight about finances because one of the spouses made purchases or accumulated debt without the other spouse’s knowledge. Spouses may also hide assets or income from the other spouse. If you and your spouse are considering divorce, and there has been a history of financial deception in your marriage, you should be aware of the ways that this may impact your divorce.

Almost Half of All Married Couples Admit to Hiding Debt

Most people would agree that honesty is a critical component of a healthy marriage. However, a surprising number of married spouses have admitted to being dishonest when it comes to money. Approximately 41 percent of adults admit to hiding bank accounts, spending habits, or debts from their partners. This so-called “financial infidelity” or deceitful behavior can lead to dramatic consequences, including the end of the marriage entirely.

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Oak Brook divorce attorney hidden assets

When we hear the word “addiction,” most of us assume the addiction is a substance abuse problem. However, many people suffer from addictions that are not related to drugs and alcohol in any way. A shopping addiction, also called compulsive shopping or compulsive buying, can be a major problem that has significant implications on a person’s life as well as the lives of family members. If your spouse is a compulsive shopper or simply spends too much money on unneeded items, you may have concerns about how this excessive spending will influence your divorce.

Protecting Your Financial Future

Most individuals with a shopping addiction are not simply greedy or consumeristic. Many use shopping as a means of coping with low self-esteem, depression, anxiety, or other personal struggles. Although their excessive spending may not be malicious, it can have devastating effects on a couple’s finances. If you are planning to divorce your spouse and he or she has a problem with overspending, there are several steps that may help you protect your financial future:

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Hinsdale property division attorney

The division of assets is often one of the most complex aspects of a divorce case. Whether spouses negotiate their own property division agreement, or the court makes a decision on their behalf, a fair asset division arrangement can only be reached when both spouses are honest and forthcoming about their finances. However, spouses are not always as truthful as they should be. Some divorcing spouses may attempt to influence property distribution during divorce by withholding or falsifying information. If you are getting divorced, and you are worried that your spouse may lie about financial information in an attempt to avoid sharing these assets, an experienced divorce attorney can help you uncover this type of deception.

Start Preparing Now by Copying Financial Documents

You may be in the very beginning stages of the divorce process. Perhaps you have not yet even filed for divorce. However, it is never too soon to start preparing. One of the best things you can do to protect your right to a fair division of property is to educate yourself about your financial situation. Read over important financial documents so that you can have a full understanding of the assets that you and your spouse own. These documents will provide valuable insight into your family's finances, and they may also be crucial pieces of evidence in the event that your spouse attempts to conceal assets from you. It is important to make copies of:

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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