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Tag Archives: property division in kane county

kane county divorce lawyerFinancial 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.  

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Kane County family law attorneysUnfortunately, divorce can sometimes bring out the worst in people. Some couples who decide to end their marriage are able to do so with relatively little malice, while others fight tooth and nail throughout the entirety of the divorce process. If you are considering or have already decided to divorce and you think your spouse may try to “get even” with you by recklessly spending money or otherwise wasting assets, read on to learn about a legal concept called dissipation.

What Is Considered Dissipation According to Illinois Law?

The Illinois Supreme Court defines dissipation as “the use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing an irretrievable breakdown.” Marital property generally refers to income, property, and debt accumulated by either spouse during the course of the marriage. Certain assets such as gifts or inheritance may not be considered marital property. The term “irretrievable breakdown” means that the marriage is ending. A couple who has stopped sharing a bedroom, does not enjoy time together, and does not wish to salvage the marriage would be considered in the midst of an irreconcilable breakdown.

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