Financial abuse is a form of domestic abuse that often goes unnoticed but can have severe implications during a divorce. In the Chicago area, some people find themselves trapped in marriages where one spouse controls all the finances. This can leave the other spouse feeling powerless. Knowing your legal rights and taking proactive steps prior to filing for divorce will make a significant difference in your financial future. Our firm is committed to helping our clients navigate this difficult time by providing guidance on Illinois divorce and spousal maintenance laws that can protect their interests.
Illinois law recognizes financial abuse as a serious issue that can affect divorce proceedings. Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/), the court considers the financial situation of both parties when determining spousal maintenance and the division of marital assets. If you’ve been a victim of financial abuse, it’s very important that you document all instances where your spouse has restricted your access to funds, hidden assets, or manipulated financial information.
Another important step is to gather all financial documents, including bank statements, tax returns, and investment portfolios. Illinois law requires the full disclosure of assets and liabilities during a divorce. By having this information, you can help make sure there is a fair division of property. You should also discreetly obtain copies of these documents to protect your safety and legal standing.
Establishing your bank account is another important action. This account can serve as a financial safety net and demonstrates your ability to manage finances independently. According to 750 ILCS 5/501, you may also request temporary relief from the court for spousal support or exclusive possession of certain assets during the divorce process. We can assist in filing the necessary motions to safeguard your financial well-being.
Consulting with a qualified attorney is crucial in cases of financial abuse. We can help you understand your rights and develop a strategy tailored to your situation. Illinois courts may consider the abusive behavior when making decisions about spousal maintenance under 750 ILCS 5/504. By presenting evidence of financial misconduct, we can advocate for a fair outcome that acknowledges the hardships you’ve endured.
Protecting your credit is also very important. Obtain a credit report to check for any debts or accounts opened in your name without your knowledge. Illinois law provides remedies for fraudulent financial activities. Taking control of your financial life before filing for divorce can empower you and lay the groundwork for a more secure future.
In Illinois, marital property is divided equitably, not necessarily equally, under 750 ILCS 5/503. The court considers several factors, including each spouse’s contribution to the acquisition of marital property, the duration of the marriage, and the economic circumstances of each party. If financial abuse is present, the court may take into account any dissipation of assets or hiding of funds by the abusive spouse, such as extravagant spending, transferring assets to a third party, or underreporting income. We work to uncover any financial misconduct to ensure you receive a fair share of the marital assets.
Yes, under 750 ILCS 5/504, the court may award spousal maintenance based on factors such as the income and property of each party, the needs of each party, and any impairment of present and future earning capacity due to domestic duties or delayed education. Financial abuse can impact your earning potential and financial independence. We present evidence of the abuse to advocate for maintenance that supports your transition to financial stability.
You can start by gathering all relevant financial documents, opening a separate bank account, and obtaining a credit report. It’s also advisable to consult with an attorney to understand your rights and options. Under 750 ILCS 5/501, you may file for temporary relief for spousal support or exclusive possession of assets. We help you take these steps while ensuring that your actions comply with Illinois laws and protect your legal interests.
We understand the complexities and emotional challenges that come with recovering from financial abuse. Our team at Gordon & Perlut, LLC is dedicated to providing the support and guidance you need during this difficult time. We believe in empowering you with knowledge and advocating fiercely for your rights under Illinois law.
If you’re considering divorce and need guidance on how to protect yourself financially, we encourage you to reach out to us. Contact our Chicago divorce attorneys at Gordon & Perlut, LLC by calling our Chicago office at 312-360-0250 or our Skokie office at 847-329-0101 to schedule a consultation. We represent clients throughout the Chicago Area, and we’re here to help you take the first steps toward a more secure future.