Illinois divorces can become complicated rather quickly, especially when a divorcing couple has a lot of shared property. Emotions run high, and people who are typically rational and considerate can become aggressive or inflexible.
In a high-asset or complex Illinois divorce, it is especially important for spouses to have a thorough understanding of their marital finances and their rights under state law. One of the most important steps in a divorce involves the disclosure of financial records and personal holdings.
You should check particularly carefully for any of the three issues mentioned below, as they could have a major impact on your right during the property division process.
Hidden assets
When you have more income and property, your spouse may have more incentive to try to deprive you of part of the marital estate. Checking for signs of routine transfers or cash withdrawals could help you find the signs that your spouse has a hidden account or assets that they have not disclosed with you.
It’s also important to look over the valuation they assigned to their property, as they could deprive you of your fair share of the marital estate by substantially undervaluing the assets they plan to retain.
Dissipated marital assets
Generally speaking, spouses share their financial resources and are mutually responsible for debts that they incur during the marriage. However, if your spouse intentionally wastes household resources or racks up debt to punish you before the divorce, that can affect property division.
The use of marital income or assets for a purpose contrary to your marriage, such as conducting an affair, could also constitute dissipation. Putting a value on dissipated assets can lead to a much more favorable property division decree.
Deferred compensation
Executives and other highly-compensated professionals often receive incentives for job performance or for staying with a company that they do not receive immediately. When someone earns deferred compensation matters more than when their employer pays it out, so you need to know what they accrued during the marriage so that you can claim it in your divorce.
Properly reviewing your financial records can help you secure a fair outcome in a high-asset Illinois divorce.