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DuPage County family law attorneysThere are many factors which can complicate a divorce. One of the biggest of these is an uncooperative or untrustworthy spouse. Ending a marriage is already challenging, but adding a spouse who is not forthcoming about his or her finances makes it even harder. If you considering divorce and worried that your spouse will attempt to hide assets, read on to learn about how you can protect your financial rights during your Illinois divorce.

Illinois Courts Need an Accurate Representation of Financial Status to Divide Property

Before marital property can be divided in a divorce, spouses must list their assets and debts in a financial disclosure. Once the spouses know their complete financial picture, they can begin deciding how this property should be divided between them. If the spouses cannot come to an agreement about property division, the court system will decide for them.

Property acquired before the marriage is usually considered separate property while any property acquired by either spouse after the marriage is martial property. There are certain exceptions to these general categorizations. For example, when marital and separate property is mixed together or “comingled,” it may be considered entirely marital property. Certain gifts and inheritances are also considered separate property even if they were acquired during the marriage.

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Posted on in Divorce

DuPage County divorce attorneyA divorce is never easy. If your marriage is ending, you are likely to feel angry and hurt, as well as betrayed by the very person with whom you once wanted to spend the rest of your life. Emotions such as these may make you want to dig in your heels and fight against your partner over every little issue. Unfortunately, doing so will probably cost much more than you are prepared to spend on your divorce. There are, however, some things you can do to keep the cost of your divorce to manageable levels.

Where Costs Add Up

Some of the expenses related to your divorce are simply unavoidable, such as court fees. You may also experience additional costs in setting up a new place to live apart from your spouse. The bulk of your expenses, however, will come in the form of attorneys’ fees and fees charged by other professionals involved in your case. The more complex and contentious your case is, the more you will need to pay.

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DuPage County divorce attorneysGetting a divorce is often an extremely complex and involved undertaking. It can feel overwhelming, especially when discussing assets and finance, where small details may need to be addressed quickly. Because so much is happening all at once, though, it is not at all uncommon for the average person to make a mistake or two in safeguarding their own property and financial interests. If you know about such potential mistakes, it can be much easier to avoid them.

Not Taking Taxes into Account

It is normal for a divorcing spouse to focus on the assets in front of them and the convenience that those assets can bring. For example, the marital home may be targeted by both spouses because whomever remains will not need to move, which can cause considerable expense and trouble. However, it is also normal for the spouse who may come away with such assets to wind up with a considerable tax bill the following year. A marital home is cheaper in terms of taxes if you retain it. Most of the time, if you are awarded your house or condo in the divorce, you are able to claim the mortgage interest deduction on your taxes. However, if you decide to sell the house after it has been awarded to you, you are responsible for the taxes on the amount received, which can pose a serious problem for someone who did not expect it.

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