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3 Assets You Might Forget to Include in an Illinois Divorce

 Posted on May 28, 2024 in Divorce

Hurst, TX asset division lawyerThe longer a couple is married, the more assets they accumulate. Under Illinois law, any asset that is acquired during the marriage by either spouse is called marital property and usually belongs to both parties. If the marriage ends, then those assets are divided between the spouses. Asset division is a complex process that should be done with the help of an experienced divorce lawyer.

However, some assets are often overlooked, which can negatively affect both spouses. If certain things are not included in the asset division process, then that means one of the spouses is not receiving his or her fair share. It also means that there can be legal repercussions for the spouse who failed to include the marital assets in the financial disclosure.

What Is a Financial Disclosure?

A financial disclosure is a document each spouse must submit to the court before the marital property is divided in a divorce. It includes each spouse’s:

  • Assets

  • Expenses

  • Liabilities

The assets are divided largely based on this disclosure, which is signed by each spouse. That is why it is important not to overlook any assets when completing the document. If certain assets have not been reported on the disclosure, or if something has been reported incorrectly, the court may see it as fraud.

Here are three assets that are often overlooked in a divorce.

Accounts Receivable and Loans

Couples often loan money to friends and family over the years. Some give loans through their businesses, called “accounts receivable.” Even though the money has not yet been paid back, these loans are considered assets. However, because the spouse has not been paid back, he or she might overlook recording the loan when filling out the financial disclosure.

Intellectual Property

Intellectual property is another asset that is easy to overlook. Examples of intellectual property include:

  • Copyrights

  • Trademarks

  • Patents

  • Trade secrets

These assets sometimes get lost in the shuffle if you are focusing only on things with immediate value.

Retained Earnings

When a business earns profits that exceed its expenses, it can choose to use those profits for something, such as paying dividends. Or, the business can choose to hold those profits, which are then called retained earnings. If a spouse owns a business, it can be easy to overlook the company’s retained earnings as an asset.

Contact a Hurst, TX Asset Division Attorney

Failing to include assets in a financial disclosure can have consequences for both spouses. The best way to ensure that no assets are overlooked is to hire a Tarrant County, Texas asset division lawyer. Daniel R. Bacalis, P.C. is a highly experienced asset division attorney who knows which assets often go overlooked and how to find them. Call 817-498-4105 to get top-tier legal services and a free consultation today.

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