There are two types of property that a married individual may have: marital property and separate property. Separate property is anything that an individual owned before getting married or received as a gift or through inheritance. Marital property is the property that a married couple purchased or created together during the course of their marriage, such as their home or a joint savings accounts. During a divorce, the couple's marital property is divided among them according to Illinois' equitable distribution rules included in the Illinois Marriage and Dissolution of Marriage Act. This law states that unlike in community property states where marital property is divided 50/50, Illinois couples may have their property divided according to what the court determines each partner contributed to the property. This results in settlements that are not necessarily completely equal, but are tailored to the couple's unique circumstances and needs.
When one partner hides or attempts to hide assets from his or her spouse, the couple's property cannot be fairly divided. Fortunately, there are methods in place that attorneys may use to discover hidden assets.
Ways to Discover Hidden Assets
There are many ways an attorney can determine if his or her client's spouse is hiding assets from him or her. Some of the ways an individual might hide assets from a spouse include: