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elmhurst-hidden-divorce-assets-lawyer.jpgDuring a divorce, there are a multitude of financial issues that will need to be addressed. Many of these are related to the property and assets a couple owns, as well as the debts they owe. The division of marital property can be a complicated matter, especially in high net worth divorce cases in which a couple may own multiple types of valuable property ranging from physical belongings, real estate, and vehicles to financial assets such as investments and business interests. In some cases, the process of evaluating and dividing marital assets can become more difficult due to attempts by one spouse to hide assets from the other and unfairly influence the outcome of their divorce.

Concealed assets can be a difficult matter to address during a divorce, and in many cases, a spouse may struggle to identify the different types of property they own, uncover inappropriate actions by the other party, and ensure that all assets and debts will be divided fairly and equitably. The skilled divorce lawyers of Weiss-Kunz & Oliver, LLC have represented clients in a wide variety of divorce cases, and we understand the complex factors that can influence the division of marital assets. We know how to identify assets that have been concealed and ensure that these issues will be addressed correctly. Our goal is to ensure that our clients can achieve a fair outcome to their divorces that will provide them with the financial resources they need to succeed in the future.

Reasons Why Spouses May Attempt to Hide Assets

In many cases, divorcing spouses recognize that as they separate their lives from each other, they are both entitled to equally share the property they have accumulated. However, the divorce process often involves conflict, and the breakdown of a couple’s relationship can lead to disputes about how property should be divided and whether one party is entitled to receive certain assets. These disputes can lead spouses to take actions outside of the legal process, and by concealing assets from their spouse, a person may seek to influence the outcome of their property settlement. 

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elmhurst-divorce-attorney_20220627-221636_1.jpgMarriages can break down for a variety of reasons, but once a couple chooses to pursue a divorce, they will often be looking to make a clean break, separate their lives from each other, and determine how they can move forward successfully. However, this is not always easy, especially when a couple needs to address complex financial issues related to the assets they own and other financial resources that are available to them. During the property division process, spouses may need to determine how to handle multiple types of complex assets, including retirement accounts and benefits. It is crucial to address these matters correctly, since retaining ownership of these assets will ensure that a person will have the financial resources they need later in life.

To ensure that your rights and financial interests will be protected during your divorce, it is essential to secure representation from a qualified and experienced attorney. At Weiss-Kunz & Oliver, LLC, we regularly represent clients in complex divorce cases involving multiple different types of financial assets, as well as other issues that may lead to contentious disputes between spouses, such as child custody or spousal maintenance. With our strong knowledge of the divorce laws in Illinois, the best ways to handle different types of financial assets, and the methods that can be used to resolve disputes, we are prepared to protect your interests and help you find solutions that will allow you to succeed after your marriage has ended.

Types of Retirement Savings Accounts That May Need to Be Considered

There are multiple types of retirement accounts that may need to be considered during the divorce process. These fall into two general categories: qualified plans and non-qualified plans. Qualified plans are covered by the Employee Retirement Income Security Act (ERISA), and they include 401(k) accounts, 403(b) plans, and other tax-deferred retirement plans that are provided to employees as benefits by their employers. Non-qualified plans are not eligible for tax-deferred benefits under ERISA, and they may include individual retirement accounts (IRAs), simplified employee pensions (SEPs), and deferred compensation plans.

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elmhurst-fathers-rights-attorney.jpgIn many family law cases, fathers feel that they need to fight against negative perceptions and stereotypes as they take steps to ensure that they can be part of their children’s lives. These stereotypes are not always unwarranted, since there are many “deadbeat dads” who fail to stay involved in their children’s lives, do not take the time and effort to spend time with their children, or refuse to meet their child support obligations. However, there are also many fathers who are closely involved in their children’s lives, playing just as important a role as mothers in caring for their kids, providing them with instruction and discipline, and ensuring that their needs are met. These fathers will want to make sure they will be able to resolve matters related to child custody in a way that will allow them to play a continuing role as a parent, make decisions about important issues, and spend quality time with their kids on a regular basis.

The attorneys of Weiss-Kunz & Oliver, LLC are dedicated to protecting the best interests of children in family law cases. For dads who are looking to make sure they will be able to share custody of their kids, we can fight to protect their fathers’ rights and help them resolve disputes successfully. We can help fathers demonstrate that they are looking out for what is best for their children, that they have played an important role in children’s lives and deserve to continue to do so in the future, and that they have the capability to meet their children’s ongoing needs. Our goal is to make sure our clients will be able to preserve important family relationships and give their kids the lives they deserve.

Understanding Child Custody in Illinois

The first thing that fathers will need to understand when addressing legal issues related to their children is what exactly is meant by “child custody.” In cases where a married couple with children chooses to get a divorce, one or both parents may believe that one of them will have primary custody, while the other will only be granted limited periods of visitation. However, while these types of arrangements may have been used in the past, the majority of parents are now able to share custody, ensuring that both mothers and fathers will play a continuing role in raising their children. 

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elmhurst-post-divorce-lawyers.jpgGoing through a divorce can be a difficult process. Dealing with the legal issues involved in the dissolution of a marriage while also addressing financial concerns, making adjustments to living arrangements, and handling the emotional fallout that comes with the end of a long-term relationship can be incredibly stressful. After completing the divorce process, a person will most likely want to move on with their life and put this painful experience behind them. However, there are some situations where issues related to a divorce may arise, and the parties may need to return to court to pursue a modification of their divorce or enforce court orders.

At Weiss-Kunz & Oliver, LLC, our attorneys understand that the last thing most people want after going through a divorce is to once again become embroiled in the legal process. Filing petitions, attending court hearings, and dealing with other legal issues was stressful enough the first time around, and starting this process over may seem overwhelming. However, it may be necessary to deal with new issues that have arisen, and by taking the correct approach, a person can address their concerns and make any adjustments that are necessary. We work to ensure that our clients will be able to pursue modifications based on changes in their lives or take action to enforce their divorce decree when appropriate.

Where Will Modification or Enforcement Cases Be Handled?

The first thing a person will need to understand when addressing post-decree issues is the venue where their case will be heard. If at least 30 days have passed since the decree or judgment was entered, the determination of the court that will address the case will depend on where the parties currently reside. If either party lives in the same county or judicial circuit where they lived prior to their divorce, their case will generally be heard in the court where their original case was handled, although if their children currently reside in a different area, the case may be transferred to the circuit court in that area.

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elmhurst-divorce-lawyers.jpgSome divorce cases may be relatively simple. If a couple does not own extensive assets, and if they are in agreement on how various issues related to the end of their marriage will be addressed, they may be able to complete an uncontested divorce fairly quickly. However, many divorces will involve complex issues that are not so easy to resolve. Disagreements between spouses can easily become contentious, especially when spouses have difficulty communicating effectively or cooperating with each other. Matters related to the division of marital property can be some of the more complex issues that divorcing spouses will need to address. By understanding property-related issues that can complicate the divorce process, a person can make sure they will be able to protect their financial interests as they work to end their marriage.

The attorneys of Weiss-Kunz & Oliver, LLC have represented clients in a wide variety of complex divorce cases, and we understand the legal and financial issues that can affect divorcing spouses. With our experience in matters related to high net worth divorce, we can ensure that all factors related to the income earned by both spouses and the property they own together and separately will be considered correctly. Our goal is to help our clients complete the divorce process in a way that will allow them to move forward successfully and maintain financial stability in the years to come.

Addressing Commingling of Property

Before a couple can begin making decisions about how property will be divided, they will need to determine whether certain assets are considered to be marital property. Generally, marital property, which includes all assets and debts acquired after a couple became married and before a legal separation, will need to be divided. Separate property, which may include assets owned by a spouse before getting married or items excluded from the marital estate by a prenuptial or postnuptial agreement, will not need to be divided, and the spouse who originally acquired these assets will be able to retain ownership.

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