It is no secret that divorce can be a costly endeavor, both emotionally and fiscally. It is also an unfortunate truism that not all marriages end amicably, and divorce can bring out the worst in people. Some experts are advising Illinois women facing divorce to educate themselves on the possible warning signs that their former spouses are attempting to walk away with more than they are due.
It is vitally important for both spouses to have a clear picture of the marriage’s financial situation before approaching the negotiating table. If a spouse attempts to “stonewall” or otherwise block access to financial documents, it could be an indicator that not all is as it seems. This is particularly true of spouses who own their own businesses and largely take care of their own finances.
According to Illinois law, marital assets should generally be divided evenly. However, some spouses will take the opportunity to “fudge the numbers” by claiming flagging business or by paying for their personal necessities through a business rather than a personal account. This allows them to misrepresent standard of living, which can influence how alimony is calculated.
Divorce can be emotionally trying, but there is no reason why it should also cost more fiscally than it has to. Women in Illinois are reminded that an understanding of their rights is vital to ensuring divorce proceedings are equitable to both parties. Foreknowledge of Illinois law pertaining to divorce situations can make all the difference in the world, especially if the spouse in question chooses to be less than honest.
Source: Forbes, If Your Husband Owns A Business, Watch Out For SIDS (Sudden Income Deficit Syndrome) Once Divorce Proceedings Start, Jeff Landers, Oct. 10, 2013