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Have you accounted for all your assets?

A divorce for women can leave them in a precarious financial situation. The division of property necessary to support two households sometimes stretches the resources thin. But this is not always the case. For a high-asset divorce, the greater problem for the wife may be ensuring that she has located all of the assets that are marital property during the divorce proceeding.

This is important, both to make certain that she receives the proper equitable share of the marital assets during the property division, and to save the time and expense of having to reopen the divorce to add additional assets that the husband may have been hiding. 

It is important to be aware that property settlements from an Illinois divorce are very difficult to reopen in order to modify a property settlement. You would need to show that your former spouse engaged in fraud and was intentionally misleading you as to the amount of the assets available to the marital estate. It is also costly and time consuming.

As a rule, all assets earned during the marriage will be part of the marital estate, including retirement accounts. Assets like 401(k) should be accounted for and their eventual distribution should be part of your settlement.  

Your divorce attorney can help you go over all possible sources of income that should be included in your property division. If you have particularly complex assets or sophisticated investment and other holdings, it may be necessary hire additional professionals to locate assets and ensure your property settlement is accurate.

Source: Forbes, "Divorcing Women: The Truth About Your Husband's 401(k) And Other Assets," Jeff Landers, August 8, 2013

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Law Offices of Dwayne Douglas, P.C.
900 North Shore Drive Suite 185
Lake Bluff, IL 60044

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