How to Find and Identify Hidden Assets During Property DivisionEach side during a divorce is responsible for researching their various marital assets to ensure that there is an equitable division of property. However, your spouse may try to gain an advantage by hiding assets from you. Even if the hidden assets are not marital property, they are part of your spouse’s individual wealth after your divorce. A divorce court may award you additional marital properties or greater spousal maintenance if your spouse has significant individual assets. Finding hidden assets may take more effort than the normal discovery process in a divorce.

Where to Look

Suspecting that your spouse has hidden assets does not mean that you know what they are or where they have been hidden. Fortunately, there should be financial records of the purchase or movement of substantial assets. There are several sources that may lead you to hidden assets:

  1. Tax Returns: Your spouse’s federal and state income tax returns must report all of his or her sources of income, including interest from investments and withdrawals from trusts. Looking at the tax deductions may uncover hidden properties that your spouse owns;
  2. Loan Applications: When applying for a loan, your spouse must report all of his or her income, assets, debts, and expenses;
  3. Account History: You can ask for records of all activity from financial accounts that you own jointly with your spouse or that your spouse owns individually; and
  4. Hidden Accounts: You can subpoena a financial institution where you suspect that your spouse has an account, forcing the institution to turn over any records related to your spouse’s account.

When you receive these records, you are looking for activity involving money or assets for which you cannot identify the source.

Continue reading

The Problems with Lifestyle Clauses in Prenuptial AgreementsBecause of Illinois’ no-fault divorce law, couples can no longer punish each other for acts such as infidelity when filing for divorce. Previously, spouses may have accused each other of immoral behavior in order to avoid paying spousal maintenance or keep a greater share of the marital properties. Now, irreconcilable differences are the only reason that couples can cite for their divorce. Some couples are instead using prenuptial and postnuptial agreements to try to penalize a spouse’s behavior. A lifestyle clause sets rules for a marriage that will result in a financial penalty if either spouse breaks them. However, you should understand the potential problems of lifestyle clauses before you include one in your agreement.

Enforceability

Lifestyle clauses are relatively new, which means that there is little legal precedent for them in courts. The individual opinions of the judge may determine whether a court enforces the clause. Some judges may reject any provision that penalizes a spouse for fault during a divorce. Other judges may allow the clause as long as:

  • The terms of the clause are clear;
  • The clause applies equally to both sides;
  • Both spouses agreed to the clause; and
  • The penalty is fair and does not violate divorce law.

It is important to include a severability clause if you create a lifestyle clause in your agreement. That way, the rest of your agreement remains valid even if the lifestyle clause is unenforceable.

Continue reading

Work Travel Can Interfere with Parenting TimeA parent’s work commitments can be an important factor when determining the allocation of parental responsibilities. To have a majority of the parenting time, you must show that you are consistently available to care for your children as a single parent. Work travel can affect your availability if it consistently requires you to be out of town. A parent with a heavy travel schedule may have difficulty receiving the share of parental responsibilities that he or she wants during a divorce.

Children’s Best Interest

Before arguing for a majority of the parental responsibilities, you should honestly assess whether you can fulfill that responsibility with your work travel requirements. The primary parent after a divorce is typically the one who is most available to care for the children. It may be necessary for your co-parent to have a majority of the parenting time if your work requires you to frequently stay overnight in another city. Parental responsibilities also include making decisions about how you care for your children. Ideally, your co-parent will consult you on major decisions regarding your children’s health and education. However, a court may give greater decision-making power to the parent who is more often with the children and able to act on those decisions.

Protecting Your Parental Rights

Traveling for work does not need to greatly diminish your parental responsibilities. Your travel schedule may include:

Continue reading

When a Serious Illness Leads to a DivorceAs cruel as it may seem, a spouse developing a severe or chronic illness can increase the risk of divorce. Husbands, in particular, are more likely than wives to request a divorce, whether it is during treatment or recovery. Diagnosis of serious sicknesses, such as cancer, puts stress on a marriage, and a relationship that was already weak may not survive. It is important to seek help if you are going through a divorce while also fighting against major illness.

Sources of Stress

Treatment for a serious health problem puts pressure on both spouses. In some cases, the sick spouse may never fully recover, which will permanently change their marriage. Though the supporting spouse may try to remain loyal, he or she may be unable to handle the stress of:

  • Taking on new or increased responsibilities in their marriage;
  • Growing medical expenses related to the illness;
  • The constant need to take care of the sick spouse; and
  • The loss of intimacy and emotional support from the sick spouse.

The marriage may not survive even if the sick spouse makes a full recovery because the experience showed the weaknesses in the marriage. The sick spouse may be the one who asks for a divorce. Surviving a life-threatening illness can motivate people to change their lives in ways that make them happier.

Continue reading

How a Gift Can Become a Marital PropertyItems that you received as gifts during your marriage are usually considered to be non-marital property. A gift that your spouse gave to you for your birthday or anniversary is non-marital, even though your spouse used marital money to purchase it. However, a divorce court may classify a gift as marital property and subject to division, depending on the intent behind the gift and how you used it. Here are four examples of how a gift can become marital property:

  1. Gift for Both: The court will distinguish between gifts that are meant for you only and gifts meant for you and your spouse. Wedding presents are a common example of gifts that are marital property because the giver intended you to use it as a married couple. Your spouse may argue that other gifts were given to you as a couple. You need to explain the reason for the gift and whether your spouse used it.
  2. Gift as a Loan: A gift by definition is an asset that someone donates to you with no expectation of compensation. Money that a family member gives you becomes a loan instead of a gift if you agree to pay that money back. Loans that you receive during your marriage are marital debts, which can be divided during a divorce. The best ways to prove that a gift was a loan are showing a promissory note or asking the person who gave the money what his or her intentions were.
  3. Gift as a Reward: An asset is not a gift if you received it in exchange for another asset or your services. The circumstances around receiving the asset can determine whether it was a gift or a reward. A court may interpret a monetary gift as compensation if the giver was thanking you for your help or expected you to perform a service soon after.
  4. Gift Treated as Marital Property: Even a gift that is meant for you alone can become a marital property depending on what you do with it. For instance, money that you inherit is a non-marital property as long as you keep it separate from your marital money. If you put the money in a shared bank account, it gets mixed in with your marital money and may no longer be an individual asset.

Contact a St. Charles Divorce Attorney

You bear the burden of proof when you claim that an item from your marriage was a gift and is not marital property. A Kane County divorce lawyer at Goostree Law Group can find evidence that the item was intended as a gift to you. To schedule a free consultation, call 630-584-4800.

Source:

Continue reading
Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 1770 Park Street, Suite 205
Naperville IL 60563

 630-364-4046

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

ovc
Contact Us
Chat Us Text Us