Kane County Attorney for Preservation of Assets in Divorce
Experienced Asset Protection Lawyer in Northern Illinois
Going through a divorce is an emotionally and often financially difficult experience. In particular, knowing that the court will make a decision about your marital property can be frustrating and confusing. It is very important to discuss your case with an experienced divorce lawyer who can help to ensure that your assets are protected. Indeed, the preservation of assets during divorce can be one of the most important issues you will deal with during your proceedings, and you should have experienced counsel on your side.
Learning how to protect your financial assets is not always easy, and preserving assets can be a complicated process. At OSH Law, we understand that protecting your money and your valuable property is important to you, and we are here to help. Otto S. Hurtado has dedicated his practice to family law, and he has years of experience advocating for clients who have concerns about protecting their investments. Whether you are interested in protecting limited assets or have concerns surrounding a high net worth divorce, we can assist you.
Protecting Your Assets with a Geneva Family Lawyer
As with numerous other aspects of divorce, the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503) provides the law relevant to property distribution. Since Illinois is an “equitable distribution” state, the court will distribute marital property—both assets and debts—based on what the court decides is equitable. In short, the court will not simply divide the property equally, but rather will decide what kind of division would be fair to both parties.
Before property distribution, divorcing spouses want to ensure that they protect the property that they have acquired during the marriage. It is important to remember that the court will distribute all property that it classifies as “marital property,” but you may be able to help protect certain assets. Preserving assets will require you to take a number of important steps, including but not limited to:
- Hiring an experienced divorce lawyer who will advocate for your rights;
- Copying financial records from the last few years, including those related to all current accounts, past accounts, and income tax return information;
- Copying insurance records and medical benefit information;
- Copying any financial statements related to accounts that are currently in your spouse’s name;
- Copying business records from your spouse’s business;
- Ceasing to commingle money in a joint account;
- Creating separate accounts, including checking and savings, that are in your name alone;
- Establishing credit in your name alone, which includes applying for credit card accounts that do not include your spouse; and
- Inventorying all valuable items you own with your and specifying, where possible, likely values.
Hire a Dedicated Divorce Lawyer
Property distribution can be complicated, and it is important to take the necessary steps to preserve your assets in divorce. At OSH Law, we have years of experience helping clients to protect their property. Contact us at 331-248-8190 to speak with a responsible divorce attorney. We serve clients in DeKalb, Kendall, DuPage, and Kane Counties.