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st. charles divorce lawyerFinancial disclosure is a crucial component of any divorce case. Although we like to think of marriage as a romantic partnership – It is just as much a financial partnership. When you get married, you and your spouse entangle your finances. Undoing this financial fusion during divorce can be difficult under the best of circumstances and extremely challenging when a spouse is dishonest. Whether you are only thinking about divorce, or you have already filed your petition for dissolution of marriage, signs of financial deception should be taken seriously. A spouse who lies about his or her income, assets, and debts can trick you into a divorce settlement that is grossly unfair.

You Are Kept in the Dark About Finances

Some married spouses pay bills and make other financial decisions as a team. Others delegate financial decision-making to one spouse while the other spouse handles separate responsibilities. If your spouse is suddenly reluctant to discuss finances with you or gets angry when you mention financial concerns, this may be a red flag. Rerouting mail, hiding financial documents, and deleting computer files or financial software like TurboTax and QuickBooks may all be signs that your spouse is hiding the truth.

Your Spouse is Making Unusual Financial Transactions

One of the most common ways that spouses hide assets during divorce is by transferring assets. Your spouse may loan money to a friend or make large withdrawals from the checking account. He or she may buy expensive art or other hard-to-value items with the intention of undervaluing the asset during divorce and selling it for case later on. Keep a close eye on your bank account balances and other financial accounts for unusual activity.

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st. charles divorce lawyerWhether you are only contemplating the possibility of divorce or you are certain your marriage is beyond saving, you probably have questions about the divorce process. You may wonder what the divorce process entails or what steps are needed to end the marriage. You may also have conflicting feelings about whether or not to hire a divorce lawyer. Hiring a lawyer is not required to get divorced in Illinois. However, there are significant benefits associated with hiring an attorney during your divorce.   

Your Lawyer Can Help You Explore Your Options

There is no one-size-fits-all divorce, and each case is unique. Many people are surprised to learn just how complicated it is to divorce, personally, legally, and financially. It is typically much easier to get married than it is to undo a marriage. Understandably, the divorce process can be overwhelming, and many divorcing spouses do not know where to begin. Your lawyer can help you explore options like mediation and discuss whether these options are feasible given your situation.

An Attorney Will Advocate On Your Behalf

Working with a skilled divorce lawyer is crucial when you are engaged in a high-conflict divorce or a divorce involving a spouse who refuses to cooperate. Your lawyer’s job is to advocate on your behalf and ensure that your rights are protected. Without a knowledgeable attorney, you may agree to divorce terms that unfairly benefit your spouse and leave you with less than you deserve. It is especially important to work with a skilled attorney if you suspect that your spouse will hide assets or otherwise try to manipulate the outcome of the divorce.

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St. Charles property division lawyersThere is no doubt that divorce can affect nearly every aspect of a person’s life. However, the financial implications of divorce are often some of the most difficult consequences to deal with. The financial impact of a divorce is especially apparent when spouses have substantially different incomes. Spouses who chose to be a homemaker or stay-at-home parent may find that they lack the employment history and job skills needed to find suitable employment after divorce. Spouses who are disabled or otherwise unable to work may also be at a great financial disadvantage. There could also be a significant income disparity if both spouses work but one spouse makes much more money than the other spouse.

If you are getting divorced and you make significantly less or significantly more than your spouse, it is important to understand how this income inequality can impact the process and outcome.

Property Division Issues and Complex Assets

Many people with a higher-than-average income choose to invest their earnings into stocks, bonds, CDs, real estate, businesses, and other investments. Properly valuing and dividing complex assets like these in a divorce typically requires assistance from a skilled financial professional, in addition to legal guidance from a divorce lawyer. In Illinois, marital property includes property that was acquired during the marriage. Investments a spouse made before the marriage may be his or hers alone; however, the increase in value of the asset may be marital property to which both spouses are entitled.

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Kane County divorce lawyerdivorce case can take several months or even years to resolve fully, especially when the couple disagrees on property divisionchild custody, and other divorce issues. Understandably, many divorcing couples struggle to live under the same roof during the divorce process. If you are getting divorced, you may wonder, “Who gets to stay in the marital home during a divorce?” The answer varies from case to case. However, there are two legal avenues available to divorcing spouses in Illinois that may allow them to obtain exclusive possession of the marital home.

Exclusive Possession of the Marital Home During an Illinois Divorce

As with all property division issues, divorcing spouses have the option of reaching their own agreement regarding possession of the home after divorce. Some divorcing spouses are able to negotiate an arrangement through their lawyers or during mediation. Others end up in divorce litigation. Spouses may also disagree about who should get to remain in the marital home while negotiations or litigation are ongoing.

If you wish to live in the marital home during the divorce and force your spouse to move out, you have two main legal options for doing so.

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St. Charles IL divorce attorneyOne of the most consequential aspects of the divorce process is the division of property and debts. In complex divorce cases involving high-value or difficult-to-value assets, property division is also often one of the most complicated parts of the divorce. Cryptocurrency such as Bitcoin, Ethereum, Tether, Binance Coin, or Dogecoin must be addressed along with all other forms of property. However, valuing cryptocurrency and understanding how it should be divided is often a major challenge. If you or your spouse own Bitcoin or other forms of cryptocurrency, make sure you understand how this unique asset will be handled during your divorce.

Virtual Currency in an Illinois Divorce

Cryptocurrency is difficult to understand because it is completely unlike traditional forms of currency. This digital asset also exists outside of the government’s control. Furthermore, the value of cryptocurrency fluctuates dramatically.

In addition to valuing the cryptocurrency, the spouses will need to determine who has a right to a portion of the cryptocurrency’s value. Only marital property, or property acquired during the marriage, is subject to division. Determining how much of the cryptocurrency’s value is marital property and how much is non-marital property can be a massive hurdle.

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