When a marriage comes to an end, it can often be difficult to know where to start when it comes to finances. This is especially true if you have no idea what your spouse has been doing with your finances.
First, don’t beat yourself up. In many divorce cases, one spouse may be hiding or not providing the other spouse with information about finances. Believe it or not, this is not uncommon. Many people find themselves in this situation when facing a divorce.
There are procedures in place, however, whereby your spouse must provide detailed information. This involves what lawyers categorize as “discovery.”
Our McHenry, Illinois attorneys at Diamond Divorce Law have worked with many clients to help them find out what their spouses have been doing with their finances. Let’s dive in to how you can find out, too.
What is discovery?
Discovery is a legal term that refers to the process of exchanging information between the parties in a case. This includes documents, financial information and more.
In divorce cases, it is important to obtain as much information as possible in order to make informed decisions about your finances and your future.
Parties in a divorce case are required to provide certain information to each other, including financial information. This can be done through formal discovery procedures, such as interrogatories (written questions) and requests for production of documents.
If you are facing a divorce and have concerns about your spouse’s financial activities, it is important to speak with an experienced attorney. At Diamond Divorce Law we have attorneys who can help you obtain the information you need.
The importance of disclosure in an Illinois divorce.
When going through a divorce, it is important that both spouses disclose all information regarding their financial situation.
This includes information about assets, debts, businesses that may be owned and any other financial matters. Failing to disclose this information can lead to complications in the divorce proceedings.
What if my spouse refuses to disclose documentation during "discovery"?
Sometimes, parties will refuse discovery, claiming a property or asset is non-marital (or just belonging to them alone).
For discovery purposes, it may still be required, even though it might be an individual’s exclusive non-marital property, such as an inheritance property or property owned by one of the parties before the parties were married. In Illinois, discovery allows full disclosure of the person’s financial circumstances, even if a sizeable portion may be non-martial.
What are some common red flags that could indicate financial abuse or fraud by your spouse during marriage or after separation?
Finances are often a touchy subject in any relationship. This is especially true when it comes to divorces. When you’re in the midst of a divorce, it’s important to be aware of any potential financial abuse or fraud by your spouse.
Some common red flags that could indicate financial abuse or fraud include:
- Your spouse suddenly becomes secretive about finances
- Your spouse starts making unusual financial decisions
- Your spouse begins withdrawing large sums of money from joint accounts
- You find out that your spouse has been opening secret bank accounts or credit cards
- Your spouse controls your access to the financial accounts and won’t allow you to make transactions on your own
- Your spouse is changing passwords to bank accounts, credit cards, and other online financial institutions
If you notice any of these red flags, it’s best to contact an Illinois legal professional as soon as possible.
Contact Diamond Divorce Law in Illinois
If you’re facing a divorce, it’s important to understand the discovery process and how to go about obtaining information from your spouse, particularly financial information.
At Diamond Divorce Law, we can help you obtain the information you need through formal discovery procedures such as Interrogatories and Requests for Production of Documents.
Contact us today to learn more about how we can help!
DISCLAIMER: Any information contained herein is solely for informational purposes. While it is important that you educate yourself, nothing herein should be construed as legal advice or create an attorney-client relationship. For specific questions, we urge you to contact a local attorney for advice pertaining to your specific legal needs.