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Chicago divorce attorney for hidden assetsAlthough we rarely think of marriage in these terms, spouses who get married enter into a financial partnership with each other. Consequently, a marriage represents much more than the romantic or personal connection between spouses. It also represents a melding of the spouses’ finances. Per Illinois law, spouses are entitled to an equitable portion of the marital estate during divorce. Unfortunately, the process of allocating marital property between spouses in a divorce becomes much more complicated when a spouse lies about finances. 

If you are getting divorced, it is essential to understand your rights regarding the division of marital property, child support, spousal maintenance, and other divorce issues. If you suspect that your spouse is lying about finances or may attempt to hide assets during your divorce, contact a divorce attorney for help right away.

Understanding Illinois Law Regarding Marital Assets and Divorce

Illinois is an “equitable distribution” state with regard to the division of assets during a divorce. This means that by law, you have a right to an “equitable” or fair share of the property contained in the marital estate. Most of the property and liabilities accumulated by either spouse during the marriage fall into the category of “marital property.” Marital property often includes bank account balances, retirement funds, investments, real estate, vehicles, and household items like furniture. Complex assets like stock options, mutual funds, businesses, and professional practices may also fall into the category of marital property. If an asset is considered marital property, both spouses are entitled to a share of the asset’s value.

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Illinois divorce attorney, Illinois family lawyer, IL legal separation lawyerIllinois is an equitable distribution state, meaning that when you get a divorce, not everything you and your spouse acquired, such as property and assets, will be divided equally.

If you and your spouse cannot come to an agreement on how to divide your property and assets and decide to take your divorce to court, the judge will consider certain marital circumstances on how to divide your property, such as:

However, if your spouse is hiding assets from you in hopes they will not have to split it with you, things can get even more complicated.

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