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....