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Why Uncovering Hidden Assets Is Important for Your Divorce
If you are going through a high-asset divorce, you may have hundreds of thousands of dollars’ worth of marital assets that need to be divided fairly. Accounting for all of these assets is not just recommended – it is a necessity to protect your financial future. With the help of an experienced Illinois divorce attorney, you can uncover hidden assets and take steps to safeguard your wealth.
At Shaw Sanders, P.C., we understand the significant impact that divorce proceedings have on your finances. When you work with our firm, we will take the time to document all of the assets in your marital estate. Your best interests are our priority, and we will do everything we can to protect you.
How Hidden Assets Can Affect Spousal Support
If your divorce goes to court, alimony may be a major consideration. When deciding whether or not to award spousal maintenance to either you or your spouse, the judge will consider your total financial resources.
Accounting for all of your assets is important for negotiating for alimony. If your spouse has misrepresented how much property he or she has, it could influence an alimony decision. For instance, if your spouse has hidden assets to help stay afloat, he or she could request alimony despite having the resources to remain financially stable. At Shaw Sanders, P.C., we work with financial professionals who can examine your spouse’s lifestyle and spending to help uncover hidden assets.
Hidden Assets Are Subject to Division
In Illinois, it is generally assumed that any property acquired during the marriage is a marital asset. Exceptions are typically only made for inheritances or gifts given to one party specifically. Marital property can include wages, retirement accounts, pensions, and investments.
Accounting for all of these assets is important for getting your fair share of marital property. Illinois is an equitable distribution state, so all marital property must be divided in a fair fashion in court. Alternatively, you could negotiate for an agreeable settlement without the court’s involvement. Either way, if you do not have a thorough picture of your marital estate, you cannot possibly advocate for a fair division of the assets. A qualified lawyer can help you address this.
Filing a Dissipation Claim for Lost Assets
If your spouse has intentionally concealed, destroyed, or wasted marital assets, you may have a legal recourse to get compensation. By filing a dissipation claim through the court, you may be able to obtain a fair remedy for your lost assets.
There are several different remedies available in a dissipation claim. For example, the court could compel your spouse to pay you the value of the wasted assets directly, or through a greater share of marital property. At Shaw Sanders, P.C., we can help you make a case for a dissipation claim, looking for a paper trail of wasted assets.
Meet With a Kane County, IL Asset Division Lawyer
If you are overwhelmed by the idea of uncovering all of your assets in your divorce, Shaw Sanders, P.C. can help. Our St. Charles, IL divorce attorneys have experience helping clients account for hidden assets and arguing for a fair division of property. To schedule a free consultation today, call our offices at 630-584-5550.
630-584-5550