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Posts tagged "property division"

Bitcoin: an electronic way to hide assets during a divorce

If you are going through an Illinois divorce and strongly suspect that your spouse is hiding assets from you so as to skew your property settlement, here is a question for you. Have you heard about Bitcoin? If your answer is no, as in all likelihood it is, you should find out more about this most popular of the cryptocurrencies.

How to find out if a spouse has hidden assets

There are severe penalties in place for spouses who hide assets during a divorce. It is illegal to lie about anything during the court proceedings, and after you and your spouse have signed a financial affidavit, then you both need to be completely transparent until the divorce is final. 

3 warning signs your spouse is hiding assets during divorce

One of the basic functions of a divorce is dividing assets. In order for a fair distribution of assets to take place, you and your spouse must both disclose all your finances. Sometimes this does not happen, especially in high-asset divorces. Your spouse may attempt to hide valuable property or income to avoid splitting them in the settlement.

Dividing retirement accounts in an Illinois divorce


As one goes through a divorce in Illinois, there are many issues to discuss as the couple separates their lives. These issues include child custody, visitation, child support, spousal maintenance and property division. Each one of these issues can be very complicated and take some time to resolve. It all depends on the circumstances of each divorce and each issue is very fact specific.

Agreements for settlement of divorces in Illinois


Divorce can happen for many reasons, either because the parties fell out of love or generally do not see eye to eye on various issues. That is partly what makes the divorce process emotional and sometimes difficult or contentious. There are many issues that need to be resolved during an Illinois divorce, and therefore there are plenty of issues to disagree about.

Dividing a business during a divorce in Illinois


Every divorce in Illinois can have its complications. From time to time a couple can divorce with few disputes, but generally there are disagreements as to how to handle the various aspects of the divorce. These aspects can include child custody, parenting time, child support, alimony and property division. Each of these issues are present in many divorces and each can bring about their own unique complications.

How is marital property divided in a divorce in Illinois?


There are many issues that must be resolved in any divorce in Illinois. The big issues are child custody, child support, alimony and property division, which includes dividing up all of the couple's assets. When a couple is dividing assets there are two major steps. The first step in this process is determining what is marital property. After that determination has been made, the next step is dividing the assets between the two spouses.

What is marital and non-marital property in Illinois?


When two people get married, they start to share their lives with each other. If they should happen to get a divorce, they will also have to divide what they had been sharing. This can cause some disputes if both spouses want a certain piece of property or if one spouse has to give a significant portion of a bank or retirement account to the other spouse. However, under Illinois law, the couple must have an equitable division of the marital property. So, it is important to understand what is considered marital property in Illinois.

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