A large portion of every divorce is predicated on finances, which makes your net worth at the time of divorce an important matter. When a divorce is instigated, both parties are generally required to provide extensive information that addresses every facet of their finances. Because your financial rights and financial future are paramount, working closely with an experienced Chicago divorce attorney is always in your best interest.
In Illinois, each spouse is required to submit a financial affidavit upon initiating the divorce proceeding. These forms are exhaustive and include all the following:
While many of these items will be duplicates between you and your divorcing spouse, these affidavits amount to a very good start when it comes to assessing your net worth, which will guide the division of your marital assets in your divorce.
While both divorcing spouses are required by law to list all their assets and debts in their entirety, this does not stop some unscrupulous parties from hiding, selling off, giving away, gifting, or otherwise dissipating marital assets in order to diminish net worth and, as a result, keeping more for themselves. Some factors that make such activity more likely include:
In an Illinois divorce, you and your spouse must divide your net worth as a couple between you in a manner that is considered fair when factors like the following are taken into consideration:
The fair division of your marital property is a primary term of your divorce, and the knowledgeable Chicago divorce attorneys at Hammer Serna & Quinn have the experience and drive to skillfully advocate for your rights – in focused pursuit of a just division. We are standing by to help, so please don’t put off contacting us for more information today.
Call or email Hammer Serna & Quinn, LLC today to schedule a consultation.