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Kane County Hidden Assets LawyerPrior to filing for divorce, a devious spouse may try to hide assets either to capture a greater share of the marital estate out of greed or fear of future financial insecurity or to prevent their spouse from getting a fair share out of spite. This is more likely to happen when certain conditions exist. If any of the conditions discussed below exist in your marriage, then be sure to alert your divorce lawyer about your concerns. Your attorney may recommend hiring a forensic accountant who can study several years’ worth of your tax returns, bank statements, and other financial records to uncover evidence of hidden assets.

When to Be Concerned About Hidden Assets

Some conditions that create greater opportunity for assets to be hidden include:

  • Wealth. In a high-income, high-asset divorce, assets may be spread across numerous investment accounts, real estate holdings, and expensive personal property such as antiques, jewelry, and boats. A couple may also have multiple sources of income. The more complicated the marital estate, the more options a spouse has for hiding places. A devious spouse could also try to argue that parts of the estate are actually their separate property, acquired before marriage, by gift, or by inheritance.

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St. Charles prenup attorneyWhen you enter into a marriage, you are promising to share everything you have with your partner. Sadly, not all marriages will end happily ever after. A divorce can be a messy process, but if a prenuptial agreement is put into place before a union, the process of dividing assets during divorce can be made more simple.

According to the Illinois Uniform Premarital Agreement Act, a prenuptial agreement is a written agreement signed by both partners planning to enter into a marriage. Both parties must be comfortable with the agreement without pressure from either side.

What Does a Prenuptial Agreement Protect?

A prenuptial agreement is a tool that will specify how a couple’s businesses, finances, or property would be divided between the two parties should a divorce happen. When creating a prenup, both parties are required to fully disclose their respective finances to each other to ensure that they have a full understanding of their financial situation and can weigh this information when making decisions about how to divide assets. Once all assets have been identified, the parties may decide what happens to each asset and whether specific assets will be considered marital property that must be divided during divorce or separate property owned by one spouse.

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