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IL divorce lawyerTypically, the greater number of high-value and complex assets a married couple has, the more complicated property division is during divorce. Property division may be an especially difficult process if the spouses do not agree on how property should be divided or are not willing to be honest and forthcoming about property and debt. A spouse who is planning to divorce may attempt to conceal income or hide assets in order to prevent these assets from being factored into the divorce settlement. If you are considering divorce and you have reason to suspect that your spouse may be hiding assets or lying about finances, an experienced divorce attorney can help you uncover the truth so that you can obtain a fair divorce settlement.

One Spouse Handles The Majority of the Financial Transactions

In many marriages, one spouse handles the finances while the other spouse manages other responsibilities. Although this division of labor works well for many married couples, it can also leave one spouse completely out of the loop when it comes to money issues. If you have traditionally allowed your spouse to pay the bills, file tax returns, and make major financial decisions without your input, this can leave you at a major disadvantage during divorce. It may be a good idea to investigate financial documents like tax returns and look for clues that reveal potential financial deception. For example, you may find that your spouse owns property that you are not aware of through an itemized deduction involving property taxes.

Unusual Behavior and Other Red Flags

A spouse may lie about finances in order to gain an unfair property division arrangement or pay less than his or her fair share of child support or spousal maintenance. He or she may overstate debts and expenses, hide or undervalue property, and report lower than actual income. However, falsifying financial data during divorce can be hard to do without leaving at least some clues behind. Red flags that may hint at financial deception include:

  • Unusual bank activity such as frequent withdrawals or transfers
  • Missing account statements and other financial documents
  • Cash or property being gifted to friends and relatives
  • Defensive and secretive behavior regarding finances
  • Increased international travel
  • Changes to computer and smartphone passwords
  • Mail being rerouted to a different address

Contact a St. Charles Divorce Lawyer

Uncovering financial fraud during divorce can be especially difficult if a spouse has not been kept up-to-date about finances during the marriage or if a couple owns complex or high-value assets. If you have reason to believe that your spouse may attempt to gain an unfair advantage during divorce proceedings through financial deception, contact Shaw Family Law. Our knowledgeable Kane County divorce attorneys collaborate with experienced forensic accountants and other financial experts in order to help spouses obtain a divorce settlement that is based on the truth. Schedule a free, confidential consultation by calling us at 630-584-5550 today.

 

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IL divorce lawyerMany people have heard of prenuptial agreements; however, few know what a postnuptial agreement is. The two are similar but have different time frames when creating them. A “prenup” is a legal document that lays out every part of your marriage and has legal guidelines in the case of divorce. In the past, prenups were reserved for those with extremely high assets, but overtime prenups have become more common. “Postnups” have also begun to rise in popularity. These legal documents are constructed after marriage rather than beforehand. To some, this may seem like a bad omen, but for many, this is reassurance for an unpredictable future.

Common Reasons People Sign a Postnup

The idea of signing an agreement after the wedding is not for everyone; however, there are many situations that warrant it. One of the primary reasons individuals sign postnups is because they did not sign a prenup in time. Prenuptial agreements must be signed three months before the wedding day to verify that both parties signed it willingly. This time sensitivity exists to avoid having wedding jitters as the motivation for the document. Waiting to sign the documents until after the wedding celebration can be a good way to ensure that a postnup is in the best interest of both parties.

Postnups can also help relieve financial stressors that may be causing issues in a marriage. High assets or a large amount of debt incurred by one spouse can quickly replace the loving emotions with those of anger and stress. Creating a postnuptial agreement can help each spouse see their assets and debts in front of them, dividing them where they see fit. Giving a spouse full responsibility for their financial habits can also be a good motivation to improve.

Questions Addressed in a Postnup

The following are common issues that are addressed within a postnuptial agreement:

  • What will you do with debts? Many couples’ biggest fear is getting bogged down by their spouse’s debt that they were never apart of. The document will label both joint and individual debt. Postnups will “assign” debt payment responsibility in the case that any is incurred.
  • How is money divided in a blended family? Most second marriages will prompt the signing of a nuptial agreement to specify “who gets what”. It can be confusing and difficult to determine how things will be divvied up with blended families. These include financial support for children from previous marriages or special needs kids.
  • What about business relations? If spouses are involved in business together, it is crucial that they have legal documentation in the case of a divorce. The postnup will address what the roles of both spouses are in the business and how the business should be divided in a divorce.

Contact a St. Charles Attorney

Being prepared for a possible future is the best way to reduce stress and truly be in the present. Formulating a prenuptial or postnuptial agreement is one way to put your mind at ease. At Shaw Family Law, our attorneys are experienced in drafting both types of agreements to ensure all possible scenarios are addressed. If you or your spouse are looking to protect yourselves against a possible difficult divorce in the future, contact our experienced Kane County postnuptial agreement attorneys at 630-584-5550 for a free consultation.

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Illinois divorce lawyerWhen a couple cannot stand to be around each other, they are often advised to file for divorce. But a divorce is not feasible in all cases. When there is a barrier to a couple divorcing, whether that barrier is their cultural or religious beliefs about marriage, their financial situation, or just their own perspective of the marriage and the prospect of ending it, legal separation can be a useful way to detach from each other without actually ending the marriage. Some legally separated couples do go on to divorce while others remain content living singly while legally separated. Still, others use their separation as a time to reflect on their marriage, repair the issues that drove them apart and find ways to be a successful couple.

Below are four common reasons why Illinois couples choose legal separation.

Your Religion Prohibits Divorce

Many religions prohibit divorce. Sometimes, individuals’ personal convictions make divorce an unattractive, or even unacceptable, option. For individuals whose religious or philosophical beliefs make divorce a taboo subject, legal separation can be a way to exit an unhealthy marriage without actually violating these beliefs.

You Are Not Sure if You are Ready for a Divorce

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b2ap3_thumbnail_asset-division.jpgRegardless of how much or how little you and your soon-to-be ex-spouse own, the division of assets in the divorce process can significantly impact your financial standing after your marriage is over. Whether you need to look out for your own well-being or you have additional family members to care for after the separation, money matters. What you and your spouse split and how you split it will be a defining factor in the overall quality of your long-term financial security.

Where Asset Division Can Get Tricky

Determining Value

Some couples make the mistake of believing that the most important factor in the division of assets is the flat dollar value. Whatever something is worth must determine its overall value and it should simply be divided evenly, right? This is not always the case. When it comes to most assets, their worth must be based on more than just their dollar value. For example, you must take into account factors such as an asset’s liquidity as well as how its sale will be affected by taxes. The long-term worth of a piece of property is just as important as its immediate worth.

Types of Property

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