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Tag Archives: recover hidden assets

Wheaton divorce attorneysDivorce can bring out the worst in people. In fact, some spouses are willing to go so far as to illegally hide money from their spouses to keep more for themselves. This act, known as asset hiding, can leave one party financially disadvantaged - and not just during and immediately after the divorce. The impact of asset hiding in a divorce can last a lifetime. Thankfully, disadvantaged parties do have the law on their side, and if appropriate measures are taken, they can still obtain a fair settlement during their divorce. 

The Law and Hidden Assets in Divorce 

Under Illinois state law, any assets acquired during the marriage are considered part of the marital estate. If the couple goes through a divorce and no prenuptial document is in place, the total value of those assets is calculated. The entire marital estate is then distributed “equitably,” or fairly between the parties. Fair holds a different meaning for everyone, however, which is why spouses sometimes attempt to hide money during the divorce process. 

As an example, consider the spouse with a young but growing company. They may have achieved their success because their partner stayed home to care for their toddler, but once the divorce proceedings start, they may begin to feel as though the stay-at-home parent is not entitled to that money because they did not financially contribute to the couple’s marital estate. As such, the spouse may attempt to hide some of the money from their spouse. The law may see things differently, however. The courts might consider the stay-at-home parent’s time with the children as a non-financial contribution that entitles them to a portion of the business’s earnings. 

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DuPage County family lawyers, spouse wastes assetsCouples do not just wake up one day and decide to divorce. There are indications that spouses are growing apart and that dissolution of the marriage is inevitable, which usually develop in the weeks and months before filing divorce paperwork. During this period of irretrievable breakdown, one spouse may be tempted to destroy or waste marital assets—often out of spite and with the view that destruction of property is preferable to letting the other person have it.

Dissipation of marital assets is a serious matter, so you should discuss your situation with an Illinois divorce lawyer right away if you suspect wrongdoing.

Legal Definition of Dissipation of Assets

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DuPage County divorce attorney, hiding assetsOftentimes, one spouse is responsible for managing household finances, while the other spouse may not have a clear idea about the family’s income and expenses. Handling finances this way is fine when both spouses plan to stay in the marriage. However, if the marriage begins to deteriorate and divorce becomes a possibility, then the spouse handling family finances may try to take advantage of this situation by hiding assets. 

Most divorces will involve the division of property, including marital financial assets. Spouses may hide assets in an attempt to avoid losing all or part of these assets in the divorce settlement. They may plan to then use these hidden assets for their own gain later on. Hiding financial assets is unethical and illegal.

Stay Involved in Household Finances

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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
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Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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