Protect Your Financial Interest During a Divorce

In 2013, 29,331 marriages ended in divorce or annulment in Illinois. There are many reasons why a marriage ends. It may be due to an extra-marital affair, finances, irreconcilable differences, or other reasons. Although some divorces are amicable, some may be plagued with distrust. We will explain steps to take if you suspect your spouse is hiding money or assets.

Financial Discovery

A financial or divorce discovery is a legal tool used in a divorce where each party exchanges their financial information including debts, income, assets, etc. The methods most commonly used are as follows:

Written Interrogatories:

  • Written Interrogatories: questions the spouse must answer under oath within 28 days of the request

Requests for Documents:

  • Requests for Documents: spouse is asked for specific documents such as tax returns

Demand for Inspection:

  • Demand for Inspection: you may ask to view property like safe deposit boxes

Requests to Admit Facts:

  • Requests to Admit Facts: your spouse must admit or deny facts pertaining to such things as sums of money received, deeds of property, etc.

Conduct a Dissipation Reveal

Dissipation occurs when one party believes the spouse is hiding assets or excessively spending marital funds to sway a court decision on the total assets owned or debts owed. A divorce lawyer in Rockford Il can file a formal notice thirty days following discovery or sixty days before the trial. The formal notice identifies and documents the dissipation.

Penalties for Dissipation

When dissipation has occurred, the offended spouse may be compensated when the assets are distributed by increasing alimony or support payments to make up for the amount stolen or penalize the spouse by imposing monetary sanctions.

If the spouse continues dissipation after a formal notice has been submitted, the spouse may be arrested.

If you notice the dissipation after the divorce is finalized, you may amend the divorce agreement after reopening the divorce case. If the divorce agreement cannot be changed, you may be able to sue the ex-spouse for monetary damages in civil court.

Contact a divorce lawyer in Rockford Il if you are contemplating a divorce. One of the top divorce attorneys at The Crosby Law Firm can help protect your financial interest if you suspect dissipation is occurring. For more information about The Crosby Law Firm vist our website.

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