In Illinois, marital assets are divided equitably. While you may end up receiving less than half of the total assets, the court ensures that assets are not distributed unfairly. Marital assets include everything from income, dividends, investment returns, real property, vehicles, and more that were acquired during the duration of the marriage. Assets owned by either party before the marriage began are considered non-marital assets, as are personal injury settlements, lawsuit awards, and inheritance.
This means that, for a long marriage, most of the assets are probably marital property that must be accounted for and divided equitably. For high asset marriages, it is not uncommon for one of the parties—usually the spouse in charge of banking, finances, and taxes—to hide some of the marital assets in order to make off with more than their fair share. If you are going through a divorce, you need to work with an experienced attorney to ensure that all assets are accounted for.
How Are Assets Hidden?
The most common ways that assets are hidden by one spouse from the other include the following:...