Financial problems are consistently ranked as one of the top causes of divorce. Arguments over credit card debt, disagreements about how to spend money, and allegations of financial infidelity may all hasten the speed at which a marriage breaks down. If your spouse has a history of lying about money, you may understandably be concerned about how this deception may impact your divorce. In order for property division, child support, and spousal maintenance determinations to be fair, each spouse must disclose complete and accurate financial information. Unfortunately, this is harder said than done when a spouse lies about income or assets during divorce.
Illinois Law Guarantees Your Right to a Fair Divorce Settlement
According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), each spouse has a right to an equitable portion of property contained in the marital estate. This may include businesses, vehicles, real estate, bank account funds, insurance policies, investments, retirement accounts, and other property acquired during the marriage. However, some spouses fail to report income or hide assets during divorce to avoid splitting the value of an asset or to sway property division agreements in their favor.
The amount that a divorcing spouse pays in spousal support or child support is also based on the financial circumstances of each spouse. Therefore, financial deception can have a significant impact on the outcome of a divorce case – especially high net worth divorce cases.
Protecting Your Rights During Your Divorce
If you suspect that your spouse will underreport income, hide assets, overinflate debts or expenses, or otherwise lie about his or her finances during your divorce, take action now. Contact a divorce attorney with experience uncovering hidden assets during divorce. Your lawyer may suggest working with a forensic accountant, business valuator, or other financial professionals as well. Your lawyer may use discovery tools such as formal requests for production of documents, requests for admissions, or depositions to gather truthful financial information.
You do not have to wait for the discovery process to start protecting your financial rights. Begin by making copies of important financial documents such as bank statements, tax returns, pay stubs, brokerage account statements, credit card statements, loan applications, and retirement account statements. These documents can be valuable sources of information about finances during divorce.
Contact a Kane County Divorce Lawyer
At MKFM Law, we know that some spouses falsify financial information in an attempt to gain an advantage during divorce. We also know how to combat these deceptive practices and unveil the truth. Call our office today at 630-665-7300 for a confidential consultation with one of our experienced divorce attorneys to learn more.
Source:
https://www.ilga.gov/
