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Category Archives: Property Division

Wheaton divorce attorneysWhen it comes to money, some spouses will stop at nothing to keep more than their fair share in a divorce. Offshore accounts, cryptocurrencies, and foreign real estate are just some of the tools that sneaky spouses use to hide money.

Sadly, only so much can be done to track down the missing money in a divorce - and even a skilled team of professionals have their limits. The money does sometimes surface after the divorce has been finalized, however. Learn what options you may have in such a situation in the following sections, and discover what our seasoned divorce lawyers can do to assist you. 

Following the Money Trail - When Clues Resurface After the Divorce is Finalized 

Most deceptive spouses think only about the immediate situation; rarely do they consider what might happen if you discover the hidden assets once the divorce has been finalized. As such, they may begin to relax their spending habits once the proceedings are over, giving you the evidence you need to reopen your divorce case.

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Wheaton divorce attorneysOf all the issues that one may deal with during the divorce, those related to money tend to be the most sensitive and volatile. That is because, in this arena, mistakes can be costly, and they often have a lasting, negative impact. Thankfully, by avoiding these four commonly made money mistakes, parties can decrease their risk of experiencing significant financial loss in a divorce while also increasing their chances of receiving the divorce settlement to which they are entitled. 

Oversharing Details About Your Personal Life and Finances 

While the law does require you to provide financial disclosure to your spouse during the discovery process of your divorce, there is such a thing as oversharing. Examples of information that you may want to keep private include: 

  • An inheritance received after separating from your spouse;
  • Vacations or vacation plans that take place after the separation;
  • Information regarding spending habits or recent large purchases (even when done out of necessity);
  • Raises and promotions that are given to you after the separation; and
  • Any other windfall that occurs after you and your spouse have separated. 

Note that this information should not be shared anywhere - not even on social media, as even this information can be used as evidence in a divorce. Remember to still disclose this information to your attorney, as they can help you determine which assets may be excluded from the marital estate. 

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DuPage County divorce attorneysDivorce can be a costly endeavor - especially when you are not prepared for the process. Thankfully, it is possible to place yourself ahead of the proceedings. Learn how with the following pre-divorce money management tips, and discover how our seasoned Wheaton divorce lawyers can help you with the process, long before you ever even file. 

1. Track Income, Assets, and Expenses

Before filing for divorce, it is crucial that you have a clear understanding of your financial situation. All debts, income, real estate, retirement accounts, pension plans, and other assets (i.e. jewelry, collections, etc.) that were acquired during the marriage should be considered. Once you have all the information you need, such as account statements and appraisals, make copies and store them in a safe place where your spouse cannot find them, such as in a safety deposit box or at a relative’s house. Also, be sure to regularly update documentation on any assets that may fluctuate in value, such as your bank account or retirement account. 

2. Check and Monitor Your Credit

Spouses who suspect a divorce may be on the horizon can become retaliatory, sometimes in the worst way possible. They may attempt to take out credit in your name, or they may run up your credit card bills. Avoid such issues by monitoring your credit before and after you file. Remove your spouse as an authorized user on any personal accounts, freeze or dissolve joint accounts (only do the latter under the guidance of your attorney), and report any suspicious activity. 

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DuPage County divorce lawyersWhile some divorcing couples are able to reach an amicable agreement on the division of their assets and debts, others struggle with reaching a compromise on even the smallest of details. These cases, which are often referred to as “contentious divorces,” can cost couples a great deal of both time and money. Learn how you can protect your assets in such a divorce, and discover what our seasoned Illinois divorce attorneys can do to improve the outcome in your case. 

Is Your Divorce at Risk for Contentious Proceedings? 

Perhaps the best way to protect one’s self in a contentious divorce is to determine, as soon as possible, if negotiations may turn hostile. First, consider your wealth class.

Marriages with an exceptionally high net worth (typically over $5 million dollars) tend to end with little fighting, as parties recognize that peaceful negotiations are one of the most effective ways to protect their wealth. Of course, parties may still become greedy during the proceedings, or they may feel the need to be vindictive toward their former spouse. As a result, individuals may attempt to either hide or spend (dissipate) assets in order to keep them away from their spouse.

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DuPage County divorce attorneysWhen divorcing couples think about the process ahead, they tend to focus on the division of their assets. However, it is important to understand that marital debt is usually factored into the divorce settlement as well. Learn more about divorcing with joint debt, and discover what a seasoned divorce attorney can do to improve the outcome of your case and future financial standing. 

How Debt is Divided During an Illinois Divorce 

Debt is handled a lot like assets in a divorce; parties report any debts that they have and they decide whom will be responsible for it. Some negotiate this matter, while others have their debts and assets divided by a judge. In either case, the balance of the debt is usually deducted from the settlement amount. The assumed “owner” of the debt is then responsible for paying it back. Unfortunately, if the spouse that is responsible for the debt defaults, creditors may start looking at the other party to collect any remaining balance. 

Divorce and Your Creditors 

A lot of couples assume that they can resolve debt issues by simply provide their creditors with a copy of their divorce decree. Sadly, this is rarely ever the case. Creditors do not concern themselves with the life details of their debtors. Their only objective is to recover the money that they have loaned, and since they are not required to honor any agreements that are made between you and your spouse during a divorce, they will likely turn to you if your spouse defaults on their payments, disappears, or files bankruptcy after the divorce. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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