When you are in the process of getting divorced, or you are planning to file for divorce (or know that your spouse intends to file), you need to be careful about the money you spend and the assets you give away. Why is spending or gifting money or assets a potential problem leading up to your divorce? In short, these actions might be construed as an attempt to hide or conceal assets so that you are able to obtain more of the marital property than you would otherwise receive under the terms of equitable distribution.
As you may know, under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), all marital property is identified and divided between the spouses based on an arrangement that the court determines is equitable to both spouses. If you try to disrupt that equitable distribution of marital property, you can face significant penalties. Before you spend marital assets or gift property, you should seek advice from one of our Oakbrook Terrace property division lawyers. We have been representing members of the Muslim community in DuPage County for years, and we can work with you to ensure that your divorce case goes as smoothly as possible.
Disclosing and Classifying Marital Property
When your divorce case gets underway, you will be required to provide property disclosures that list all of your assets and debts — including those that you believe to be separate property as well as those that you believe to be marital property. The court will determine which of the assets and debts should be classified as separate property (meaning that they will not be divided) and which of those assets and debts should be classified as marital property (meaning that they will be divided according to the rule of equitable distribution). You must give the court information about all property, and you may be required to provide detailed information about large assets that you recently spent or gifted to another party. Spending or gifting assets that would be classified as marital property can present a problem....