Tag Archives: High Asset Divorce

IL divorce lawyerIn 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:

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Il divorce lawyerDivorce is a messy business, no matter the situation and specific details. Although avenues are available that make the process more amicable, it is no easy feat separating a marital union into two separate lives. Some cases have fewer factors for consideration, such as those with a short duration, no kids, and a little marital property. Once you begin piling on the elements and building a life together, the process becomes complicated. Every divorcing couple has a lot to lose, but high asset divorce accompanies other uncommon difficulties. Although the divorce process is the same, regardless of your net worth. However, when there are more properties, businesses, and other complexities, the chance for mistakes increases. These are the most costly mistakes you will want to avoid in your high asset divorce.

Acting Too Quickly

No one wants to linger in the divorce process longer than necessary, but it is often not beneficial to your case to speed through the process without careful consideration. Regardless of the emotional concerns, divorce is a legally binding contract that has a dramatic impact on your financial status. Your long-term financial stability depends on the agreement. Do not haphazardly agree to terms to rid yourself of the discomfort of the situation.

Hiding Assets

It is not uncommon that one spouse does not want to share with their ex. Although you may feel owed or otherwise entitled, you are under legal obligation to disclose all assets during the divorce process. That includes avoiding the temptation of transferring money to other accounts or third-parties for safe-keeping. It is very rare that a spouse succeeds in an attempt to conceal funds. You will be discovered, and it will put you at a disadvantage throughout the remainder of the proceedings.

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Hinsdale IL high net worth divorce lawyerIt does not matter whether you have $100 in your bank account or all of the money in the world -- divorce is just as tough, both emotionally and financially, whether you are rich or poor. Many people think that couples who have more money tend to have an easier time if they get divorced, but that is not actually true. If anything, these couples experience just as much, if not more stress than couples with fewer assets. High net worth couples getting a divorce have a lot at stake, which is why it can be so emotionally and financially demanding for them. Here are just a few mistakes you should try to avoid if you have extensive assets and you are getting a divorce:

1. You Attempt to Hide Assets From Your Spouse

This mistake is a big no-no. Hiding assets from your spouse is not only rude, but it is illegal. When you enter into the divorce process, you are required to disclose all of your marital assets, which can be anything from checking and savings accounts to retirement accounts to vehicles and jewelry. Bottom line, do not try to hide assets from your spouse and his or her lawyers -- they will find out and you will pay for your actions.

2. You Forget About Tax Implications

Taxes are not something on most people's minds when they are getting a divorce. You are mostly focused on the here and now -- not what you will be paying in the future. Forgetting about tax implications is a costly mistake. Take spousal support for example -- currently, the person who pays it can deduct it from their taxes, and the person who receives it must report it on their taxes. This changes next year though, where the payor cannot deduct it, and the payee does not have to report it. Either way, tax implications can have a role in decision-making during your divorce.

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HInsdale IL hidden asset lawyerYou have probably heard of romantic infidelity, but have you ever heard of financial infidelity? Financial infidelity is when one person hides money or other assets from their spouse, and it is not uncommon. According to a report by Creditcards.com, about 15 million American adults currently have a credit card, checking account or savings account that their live-in spouse or partner does not know about. Another 9 million people admitted that they used to have a secret account but no longer do.

Financial infidelity can be stressful in any relationship, but it can become even more stressful in a divorce. Here are a few signs that your spouse may be hiding assets from you:

  1. You find unusual statements in the mail. This one can be the most obvious. If you have been getting account statements in the mail from banks or credit card companies that you are not familiar with, they could indicate that your spouse has an account with them that he or she has not told you about.
  2. Your spouse is controlling your joint bank accounts. This one could be harder to detect if your spouse is usually the one who takes care of the finances. If your spouse all of a sudden begins being secretive or controlling of your joint checking or savings accounts, it could be a sign that he or she is trying to conceal certain financial actions.
  3. Your spouse has made unusually large purchases. You are probably aware of your spouse’s spending habits. If they are making unusual purchases or very expensive purchases, like cars or jewelry, without your knowledge, they could be attempting to underreport the costs of those items.
  4. Your spouse has opened a custodial account. While this may seem like a responsible and preemptive thing for your spouse to do, it may have happened for the wrong reasons. Opening a custodial account under your child’s name and social security number can allow them to put away money while saying it is for your child.

A Hinsdale, IL Asset Division Lawyer Can Help

When you get a divorce, you will eventually have to divide community assets between you and your spouse. If your spouse has an array of assets that you are on aware of, he or she could be getting much more than his or her fair share. If you have reason to believe that your spouse is attempting to hide assets from you, you need help from a knowledgeable and aggressive DuPage County community property attorney.

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Illinois divorce attorneyWhen a couple ends their marriage in divorce, separating their lives from each other can become very complicated. The process will require the resolution of a number of issues, including determining how to divide property, allocate parental responsibility, and calculate the amount and duration of child support or spousal maintenance. When couples have a large amount of assets, the complexity of these matters can increase exponentially, and mistakes made during a high net worth divorce can have long-lasting consequences. During a high asset divorce, couples should avoid making these mistakes:

  1. Not hiring a financial advisor. A high net worth divorce often involves a number of complex financial issues, including real estate, business valuation, and pensions, investments, and retirement accounts. In order to gain a full understanding of what both spouses own, earn, and owe, a financial expert’s assistance is often required. By consulting with a financial advisor at the beginning of the divorce process, couples can avoid unexpected complications and resolve financial issues as smoothly as possible.

  1. Hiding assets. Spouses in high net worth divorces may try to transfer some of their assets to a child or relative to avoid dividing these assets with their spouse, or they may try to keep from disclosing the full extent of their earnings in order to reduce the amount they will pay in child support or spousal support. Attempting to hide assets is not only illegal, but spouses who try to do so will lose their credibility and be at a disadvantage in any disputes that arise during the divorce process. It is important to provide accurate, complete financial information during divorce, which will allow the process to be completed more quickly and efficiently.

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