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Wakenight & Associates, P.C.

9405 Bormet Drive, Suite 7, Mokena, IL 60448

Mokena | 815-727-6144

DuPage County | 630-852-9700   Oak Park | 708-848-3159

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Subscribe to this list via RSS Blog posts tagged in divorce asset division

 New Lenox divorce lawyer for hidden assetsNo matter the reason you and your spouse are getting divorced, there is probably some sort of tension between the two of you, even if it is just a small amount. In divorces involving couples who have a lack of trust, it is not uncommon for the property division process to be long and contentious. When you begin the process of allocating your assets, you and your spouse will have to provide information about all of your assets and debts. Full disclosure is required, though it is not always given. If you suspect your spouse is hiding assets from you, you should begin the process of uncovering those assets right away. Here are a few ways you can look for hidden assets if you suspect your spouse is not being truthful:

Start With Tax Returns

The first place you should begin to look for hidden assets is in your spouse’s tax returns. Get copies of his or her tax returns from at least the last five years and examine them closely. Look at the sources of income that are listed, itemized deductions that were taken, capital gains and losses, and profits and losses from any businesses.

Check Bank Account Statements

Next, begin to examine your bank account statements from any financial institutions that you bank with. Look at both checking and savings accounts. You should be looking for any unusual deposits or withdrawals. Also, look for any canceled checks and who they are made payable to. You may be able to reveal the purchase of an investment or other property.

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 New Lenox divorce attorney for financial issues

Getting a divorce can be one of the hardest things you will ever do in your entire life. Most people know or can imagine how emotionally stressful a divorce can be, but they may not think about how other areas of their life will be affected. For many people, a divorce can also put a great deal of stress on their financial well-being. Fortunately, there are a few things you can do to prepare your finances so they do not take as big of a hit during your divorce. Here are a few ways you can help keep a sound financial footing as you go about the process of ending your marriage:

2. Gather All of Your Financial Documentation

Before you even begin to do anything, you need to make sure you have documentation for all of your finances. This can be the most important step, because having documentation in one place can help you get a sense of your current financial picture, and it can also help you plan for success once you are divorced. You should make sure you have copies of documents such as:

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