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Wheaton Hidden Assets Divorce LawyerThe cryptocurrency finance market has grown quickly in the last few years. What was once a niche investment that many assumed would be a waste of money has now become mainstream. As more and more people invest in cryptocurrency and NFTs, these assets are increasingly used as vehicles for hiding money in a divorce. Divorcing individuals deserve a fair share of the marital estate – including a fair share of any digital currencies. If you are getting divorced and you believe your spouse is hiding assets using crypto or NFTs, contact an experienced divorce lawyer for help.

Cryptocurrency May Be Used to Shield Assets from Division During Divorce

When spouses divorce, they can either negotiate an agreement about how to divide assets and debts or allow the court to decide for them. When the court divides assets, each spouse receives an equitable, or fair, share of property based on the spouses’ current financial circumstances, future earning capacity, and other factors.

However, some spouses try to manipulate asset division in their favor by failing to disclose all of their property. Cryptocurrency is not held in a bank like traditional currency. Its elusive nature makes it an increasingly popular vehicle for hiding assets during a divorce.  

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Wheaton Divorce LawyerThe term “narcissist” technically refers to an individual with narcissistic personality disorder. However, the term may also refer to someone with narcissistic traits who has not been officially diagnosed with any mental health conditions. No divorce is easy, but narcissists often make the process of divorce much harder than it has to be. If you suspect that your spouse is a narcissist, your divorce may be frustrating and complicated. However, there is light at the end of the tunnel.

Signs Your Spouse is a Narcissist

Many narcissists have an exaggerated sense of self-importance. They usually need a great deal of attention and admiration from others. Individuals with narcissistic tendencies may also lack empathy or sympathy towards others. Many people married to narcissists are initially charmed by their partner’s words and behavior. Your spouse may have been kind and loving when you were dating but then changed once you got married. Narcissists are often intelligent and manipulative. They may use gaslighting, intimidation, and psychological tricks to get what they want.

Protecting Yourself Financially, Emotionally, and Legally

If the traits listed above describe your spouse, it is very important that you prioritize your own safety and wellbeing during your divorce. Work with a skilled divorce lawyer who has experience in high-conflict divorce cases. If your spouse becomes violent or engages in stalking behaviors, get an order of protection immediately. Divorce can take months or even years in some cases.  You may also want to petition the court for temporary relief orders for child support or spousal support, so you have the financial support you need during this time.

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Wheaton Divorce LawyerDeciding to get divorced is often just the start of a long, complicated process. Many people embarking on a divorce feel overwhelmed and confused. There are so many factors to consider and countless questions to answer. Fortunately, you do not have to face divorce alone. A skilled divorce lawyer can explain all of your options and help you take the next steps.

What is a Contested Divorce?

An uncontested divorce occurs when spouses agree on all the terms of the divorce, including property division, child custody, and spousal support. A contested divorce occurs when spouses cannot reach an agreement on one or more issues. For example, the couple may agree on how to share parenting time and parental responsibilities but not how to divide marital property.

Can I Avoid a Contested Divorce?

Some couples are able to reach an agreement on all of the divorce issues without litigation. Alternative resolution methods like mediation may help the couple resolve their disagreements and come to a compromise. The spouses’ lawyers may also be able to negotiate on the spouses’ behalf and help them reach an agreement. Unfortunately, a contested divorce is sometimes unavoidable.

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Wheaton Divorce LawyerIn order to make sure that marital assets are divided fairly, it is important to know what each major asset is worth. Without knowing exactly what each asset is worth, there is a risk that the court will inadvertently leave one party in a much better position than the other. The process of valuing marital assets can be tricky. Some assets, like stock portfolios and investments, tend to fluctuate in value, sometimes rapidly. Other assets can be hard to arrive at an agreed-upon value to. In many cases, professional appraisals are necessary. If you are going through a divorce where valuation may be necessary, it is important that you work with an attorney who has experience with the appraisal and valuation process.

What Marital Assets May Need Valuation?

Which specific assets need to be appraised or otherwise valued really depends on what types of property you own. Spouses who were only married for a short time and have not acquired much in the way of joint property–especially if they are renting and do not own a home–may be able to bypass this process. However, those who have been married for a long time and have a good amount of assets together are much more likely to need to bring in a third-party professional. 

Marital assets that may need to be professionally valued include: 

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DuPage County Divorce LawyerNo one should be afraid to leave their marriage because they do not know how they will support themselves without their spouse. This fear of financial instability has kept quite a few people trapped in marriages that are no longer working. Spouses who have given up a career or educational opportunities in order to stay home and devote themselves to raising children or maintaining a household may have a difficult time getting back into the workforce. Alimony–now called spousal maintenance–was created to mitigate this problem. Spousal maintenance is not available for every married person who gets divorced, so it is important to consult a lawyer to find out whether you may qualify before making any moves. 

What do People Who are Considering Divorce Need to Know About Alimony?

When you are planning to leave your marriage, it is important to have a plan in place to protect your financial stability. This is of particular importance for those who did not work for pay during the marriage. Some critical information about spousal maintenance in Illinois you may need to be aware of includes: 

  • Duration - Spousal maintenance is often impermanent. If your marriage lasted less than five years, you are only eligible to receive payments for 20% of the duration of your marriage - for some, this could be as little as a few months. However, if you were married for more than 20 years, you can receive alimony for the same amount of time that you were married. 

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