Geneva, IL Divorce Attorneys for Preservation of Assets

Experienced Divorce Lawyers for Asset Protection Geneva, 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.

Determining how to protect your financial assets is not always easy, and preserving assets can be a complicated process. At Serrano Hanson & Hurtado, LLC, we understand that protecting your money and your valuable property is important to you, and we are here to help. Our attorneys have 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 spouse and specifying, where possible, their likely values.

The Discovery Process in Illinois

In Illinois, financial assets and other facts related to the divorce are brought to light in a legal process known as discovery. The role of discovery is to make sure that both spouses are being entirely transparent, disclosing all relevant information. Formal discovery entails certain procedures, such as:

• Interrogatories: You may ask your spouse questions related to your assets and finances (usually going through each other's lawyers). These questions must be answered, provided the inquiries are not harassing or invasive.
• Notice to produce: You may request that your spouse disclose physical evidence of assets, such as photocopies or digital records of financial statements.
• Depositions: You or your spouse may be questioned outside of court to gather evidence related to the divorce case. These answers are given under oath, and the information provided may be relevant when addressing property division or other financial concerns.

A skilled divorce lawyer can guide you through the process of discovery, making sure that everything is above board and leaving no stone unturned.

Contact a Dedicated Geneva Divorce Lawyer

Property distribution can be complicated, and it is important to take the necessary steps to preserve your assets during your divorce. At Serrano Hanson & Hurtado, LLC, we have years of experience helping clients to protect their property. Contact us at 630-844-8781 to speak with a responsible divorce attorney. We serve clients in DeKalb, Kendall, DuPage, and Kane Counties.