630-462-9500

After Hour New Client Telephone Number 630-690-6077

1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
The Stogsdill Law Firm, P.C.
Recent blog posts

DuPage County property division lawyer for hidden assetsMany of the important issues raised in a divorce involve financial matters. In order to equitably divide marital assets and debts, determine a spouse’s child support payments, or establish spousal maintenance, a truthful and complete account of both spouse’s finances is needed. Spouses are expected to disclose all sources of income or revenue during divorce. However, some spouses lie about their income and assets. They may underreport income or hide sources of revenue in an effort to gain an advantage during the divorce or avoid paying their fair share of support. If you are worried that your spouse will hide income or assets during your divorce, it is important to speak with a divorce lawyer experienced in uncovering hidden assets right away.

Gathering Financial Information During Divorce

As one of the initial steps in the Illinois divorce process, spouses are required to fill out and submit financial affidavits. These documents should list the spouse’s income, property, debt, and expenses. A spouse who wants to manipulate the outcome of his or her divorce may “forget” to include certain assets or sources of income on the financial affidavit. He or she may also overstate debts or expenses, create fake debts, or falsify business revenue. Lying on the financial affidavit may lead to sanctions or even criminal penalties.

Finding Hidden Assets and Unreported Income Through Discovery

There are several different stages of a divorce case. One of these phases is referred to as the “discovery phase.” During discovery, the spouses and their attorneys gather facts and information that are relevant to the case. Your attorney may use a variety of techniques to uncover financial information. Written interrogatories may be used to formally request information about assets and income. Requests for production may be used to make your spouse surrender copies of tax returns, bank statements, and other financial documents. Depositions, or meetings in which parties are asked a series of questions under oath, are also often used to investigate a spouse’s financial situation. Statements made during a deposition may be used in court to confirm the facts of the case or add credibility to an argument.

...

Wheaton business asset division attorneyWhen a married couple divorces, the spouses divide their property and debt. When most people think about asset division during divorce, they think about dividing physical property such as furniture or vehicles. However, a business is an asset just like any other piece of property. If your business was purchased or established during your marriage, both spouses have a right to the business according to Illinois law. If you are a business owner who is considering divorce, it is crucial that you understand how businesses may be valued and divided in an Illinois divorce.

Does My Spouse Have a Right to My Business?

If you are solely responsible for managing your business, you may assume that you are entitled to keep the business upon divorce. However, this is not always the case. Illinois law considers any property acquired during the marriage to be part of the marital estate. Property that was acquired before the marriage is classified as “separate property” and assigned to the spouse who originally acquired the asset. However, even if you founded or acquired a business before you got married, an increase in the value of the business during your marriage may be considered marital property. This is especially true if your spouse contributed to the increased value of the business, and in these cases, you may be required to reimburse your spouse for their contributions.

The Business Must Be Valued Before it Can Be Divided

Having your business accurately valued is a crucial step when you are getting divorced. The most commonly used business valuation methods include an asset approach, earnings value approach, and a market value approach. An accountant or business valuation expert can work with you and your attorney to help you determine the best way to value your business. Once you have determined how much your business is worth, you must decide how to account for the business’s value during asset division. You may choose to “buy out” your spouse’s share of the business by assigning him or her marital assets of an equivalent value. You may also decide to sell the business and divide the proceeds between you and your spouse.  Your attorney can help you and your spouse negotiate a property division arrangement that takes the value of your business into account.

...

DuPage County family law attorney for marital asset distributionWhile we often think of marriage as a personal or romantic union, it is also a financial partnership. When two people get married, they combine their financial resources, either intentionally or unintentionally. Therefore, the end of the marriage comes with considerable financial implications. If you are planning to get divorced, you may have questions about how your property will be divided. You may specifically wonder if the spouse who earned the majority of the income during the marriage is entitled to more of the marital estate during divorce.

What Property Is Divided in an Illinois Divorce?

When you file for divorce in Illinois, there are several issues that you will need to resolve. One of these issues is the distribution of marital property. The marital estate consists of property that either spouse accumulated during the course of the marriage. It includes real estate, personal property, collectibles, investments, retirement accounts, and other assets that were obtained while the couple was married. Separate property includes property gained by inheritance or property that a spouse acquired before the marriage took place or after a legal separation. However, understanding what is included in the marital estate and what is separate property is not always easy. Issues like commingled or combined assets can complicate property division during divorce.

Reaching a Property Division Settlement

There is a misconception that the courts always divide property in a divorce. In reality, the vast majority of divorce cases are resolved through a settlement or mutual agreement. You and your spouse may decide how to divide your assets on your own, with help from your attorneys, during divorce mediation, or through another avenue. If you cannot reach an agreement, then the court will step in and divide marital property for you. Illinois courts follow a legal doctrine called equitable distribution in contested divorce cases. Property is divided equitably but not always evenly, and this division is based on factors such as:

...

Wheaton family law attorney for divorce petitionsMarriages end for innumerable reasons. Sometimes, one spouse wants the divorce, while the other spouse believes that the marriage is salvageable. Other times, the spouses both agree that it is time to call it quits. Whatever your situation, you may have questions about the divorce process and how to get started. One particular question you may be asking yourself is, “Does it matter which spouse files for divorce?”

The Basics of Filing for Divorce in Illinois

In Illinois, a divorce is called a Dissolution of Marriage. The spouse who files the Petition for Dissolution of Marriage is the petitioner, and the other spouse is the respondent. To file for divorce in Illinois, at least one of the spouses must have lived in Illinois for at least 90 days prior to filing the petition. 

Illinois is a “no-fault” divorce state. This means that the spouses will not be asked to assign blame for the marriage ending. The only grounds for divorce in Illinois is “irreconcilable differences.” When determining the terms of a divorce, Illinois courts do not consider which spouse is the petitioner and which is the respondent. Both spouses are treated equally under the law.

...

DuPage County order of protection attorneyWhen parents divorce, they will typically share parental responsibilities and parenting time. A shared custody arrangement can be a great way to ensure that a child gets to spend time with both of his or her parents. Illinois courts typically favor parenting schedules that keep both parents in the child’s life.  However, there are some situations in which spending time with a parent may not be in the child’s best interests. If you are an unmarried or divorced parent, and you have concerns about your child’s safety during the other parent’s parenting time, you should know that you have the right to ask for his or her parenting time to be restricted.  

Take Steps to Protect Your Children’s Immediate Safety

If there is an immediate threat to your child’s well-being, do not hesitate to take action. Your child’s safety comes first. If you believe your child is in a situation in which they could be injured or killed, call 911. You may also take steps to obtain an order of protection that will prevent the other parent from committing any actions that could harm you or your child. 

If you need to violate your parenting plan to prevent your child from being harmed, you are allowed to do so. However, you will need to justify your actions to the court. Violating your parenting plan without a good reason can result in negative consequences, including restriction of your own parenting time. You will need to tell the court when and why you violated the parenting plan, so make sure that this is a last resort.

...
Dupage county bar association Illinois state bar association American Bar Association Rotary Martindale Hubbell Top 40 Under 40 Best 10 Best 10 DuPage County Bar Association State Badge State Badge Avvo

Contact Us To Schedule A Consultation With An Attorney At Our Firm

Call 630-462-9500 or provide your contact information below and we will get in touch with you:

NOTE: Fields with a * indicate a required field.
*
*
*
Back to Top