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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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 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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 Mokena, IL divorce attorney for marital asset dissipation

Not all divorces are amicable. Sometimes, a divorce is very one-sided, meaning one spouse wants to get divorced while the other does not. Other times, both spouses agree that they want to get divorced, but they have ill feelings toward each other. In situations like this, a spouse may try to do whatever they can to hurt their former partner in any way. Sometimes, this manifests as keeping their spouse from receiving a fair share of the marital property. One common way this is done is by wasting marital assets, which is referred to as “dissipation.”

What Is Dissipation?

The Illinois Supreme Court defines dissipation as the “use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time the marriage is undergoing an irretrievable breakdown.” This basically means that a spouse dissipates assets if they intend to deprive the other spouse of certain marital property by spending, destroying, or otherwise wasting marital property during a period in which the marriage was falling apart or during the divorce.

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 New Lenox divorce attorney for financial issues
By far, the most common form of adoption in Illinois and throughout the United States are related adoptions. A related adoption means the parent and the child are in some way related to one another. Step-parent adoptions are one of the most common forms of related adoptions, and they occur when the biological parent of a child remarries and their new partner adopts the child.

When a step-parent adopts a child, that person wants to assume the parental rights and responsibilities of that child. There may be many reasons why a step-parent would want to adopt their step-child; some step-parents want to formally solidify their parent-child relationship or be the child’s second parent when their other biological parent is not present. Regardless of the reason, there are certain things you should know before you pursue a step-parent adoption: 

  1. Your child can only have two legal parents. The state of Illinois only allows a child to have two legal parents at any given time. This means that you would have to make sure that your step-child’s other parent would have to relinquish their parental rights.

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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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 Frankfort divorce lawyer for child issues

Divorce can be a very stressful and emotional time for everyone in the family, but it can be especially difficult for children. There is no way to predict exactly how your child will react to a divorce, but many children experience feelings of sadness, anger, shock, resentment, and even guilt when dealing with their parent’s divorce. Many of these feelings are normal emotions that the child will experience as they go through the grieving process. Though there is no way around these feelings, there are many things you can do to help your child learn how to adapt to their new circumstances. Here are a few ways you can help your child cope with your divorce:

  1. Be Prepared to Answer a Lot of Questions

Children are naturally curious, so it is only normal for them to have a lot of questions once you break the news of the divorce. Your child might ask you where they are going to live, if you or your spouse will be moving out, why you are getting a divorce, and if they will change schools, among other things. You should be prepared to answer these questions, and if you do not currently have an answer for these questions, be honest with your child and tell them you will let them know as soon as you can.

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