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IL divorce lawyerLike most behaviors, gambling is usually done in moderation. Most Hoosiers who enjoy Illinois casinos only do so from time to time and do not allow this pastime to interfere with their marital finances. Unfortunately, for some people gambling is a compulsive behavior that can drain a couple’s finances and put them at risk of losing their retirement and home, and even bankruptcy.

Spouses with a gambling addiction will often try to hide their problem and resort to taking out loans without their spouse’s permission. Credit card debt, home equity loans, and more can be used to secure funds for gambling. If you are divorcing a spouse who has a gambling problem and he or she has racked up substantial debt in the process, you are probably wondering what will happen during the marital debt division process.

Equitable Division

Many states are community property states, meaning all assets and debt are divided 50/50 in a divorce. Illinois, however, is an equitable division state. This means that assets and debt are allocated fairly, rather than equally. If one spouse has a problem with gambling and has incurred significant debt, judges will try to ensure that the spouse who spent the money ends up with the responsibility of repaying the debt.

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Il divorce lawyerConflict is a natural part of divorce for more couples. Even with the best intentions, it can be very difficult to reach a compromise on important issues like asset and debt division because the consequences can be serious and long-lasting. Illinois requires marital assets to be divided fairly, rather than equally, and “fair” can feel different to each spouse.

Sometimes, frustration at the marital asset division process will lead one spouse to try to hide assets in an effort to put themselves in a better position after the divorce. This is a serious mistake that usually backfires, leaving the spouse who hid assets in a much worse situation than they would have been if they had just followed the law from the beginning. Here are three serious consequences for hiding assets in an Illinois divorce.

Perjury and Contempt of Court

Depositions are an important part of divorce proceedings. They are essentially an out-of-court testimony proceeding in which the testifying spouse is under a legal obligation to tell the truth. If a spouse lies and is caught, he or she can be changed with perjury - that is, lying under oath. A judge can also find someone in criminal contempt of court for obstructing the court’s purposes. Both of these can result in criminal charges, which may even lead to a trial. A spouse who risks hiding assets is risking criminal charges on their record.

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IL divorce lawyerDivorcing spouses must agree to a compromise on many complex problems before a divorce can be finalized. This is especially true when spouses are parents of children under 18. Parenting time, allocation of parental responsibilities, and child support are some of the most contentious issues and it can be difficult to know what to expect.

Child support is often the most predictable part of divorce, but for parents involved in a high net worth divorce, this is often not the case. Although Illinois generally sets child support amounts according to a standard formula, wealthy parents may see a deviation in child support payments. If you are involved in a high-asset divorce and are concerned that your or your spouse’s income may make child support difficult to determine, read on.

Illinois Child Support Guidelines

Most states have guidelines for determining child support, and Illinois is no exception. Both parents are responsible for providing financial support for their child, and child support payments are usually set by combining both parents’ net income and setting monthly payments according to which parent earns more money and which parent has the majority parenting time.

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