Sometimes, by the time people get divorced, they do not even recognize each other anymore. Over the years, a sense of mistrust might have festered. Misgivings about your spouse and his or her motivations often contribute to the decision to file for divorce. As the divorce drives you two even further apart, it becomes easier and easier to keep things from each other. This is when hidden assets become an even greater possibility. If you suspect your spouse might be hiding assets from you and your attorneys, what should you do? There are a few things that require further investigation from you and your lawyers to make sure no asset is left buried.

What to Do During the Hunt for Hidden Assets

Financial fraud during divorce is much easier to commit than it is to expose. There is quite a bit of detective work that goes into finding those hidden assets, bringing them to light, and enabling them to be divided along with other marital property during a divorce. Here are some ways you and your lawyer might be able to hunt for hidden assets:

• Take an Inventory—Collect all of the financial documentation for both you and your spouse. Be very thorough and organized in your collection of this paperwork. You need to have a strong baseline to judge your financial picture against that of your spouse. If you notice specific inconsistencies, then you know where to look first for possible hidden assets.

  ...

Central to any divorce are concerns regarding finances. The property and assets owned by married spouses are considered throughout the divorce process. Both parties in a divorce want to protect their property and assets, and in some cases, a financial restraining order may be necessary. In some states, an automatic temporary restraining order (ATRO) will be included in every divorce. However, in Illinois, you need to request a temporary restraining order (TRO), and you may need to ask that it be extended during your divorce.

What Does a Financial Restraining Order Do?

A financial restraining order, also referred to as a temporary restraining order, is a way both parties in the divorce can protect their property. While it is particularly common in high-asset divorces, any spouse might want to consider pursuing one, especially if a person suspects their former partner will be irresponsible with their shared finances leading up to—and during—the divorce.

What Can a Financial Restraining Order Prevent?

There are many things that a financial restraining order can prevent. In particular, a TRO issued during divorce may prohibit:

When you get divorced, you may be at a financial disadvantage, especially if you have been a stay-at-home parent or have been out of the workforce for a significant period of time. Fortunately, you may be able to receive spousal maintenance that will allow you to continue living at the standard you have come to expect during your marriage. One of the facets of spousal support that deserves special attention is reentry into the workforce. If you believe that you need education and/or training before you can begin working and supporting yourself, it is completely acceptable and reasonable to ask for financial assistance to help address these needs.

Reasons to Ask for Education Assistance Following Divorce

There are many reasons to ask that education assistance be included as part of a spousal support award. These include:

• Self-Sufficiency—If you get the training and education you need to land a well-paying job, you will be on your way to being able to support yourself in a way that might not have been possible during your marriage. This will not just be for your benefit; if your ex-spouse contributes to your professional growth and assists you in becoming self-sufficient, you may no longer need to receive financial support.

  ...

On January 1, 2019, a provision of the federal Tax Cuts and Jobs Act of 2017 went into effect that will impact divorce cases going forward. This law eliminated the tax deduction for spousal support in divorces finalized on or after that date. The effects of this change to the law are still being felt, and many long-term results have yet to be seen. In many cases, it has required people on both sides of a divorce involving spousal maintenance to be more savvy and resourceful when it comes to reaching a settlement.

How Has the New Law Affected Taxes on Spousal Maintenance?

For many years, maintenance (which is also referred to as spousal support or alimony) was taxed as follows:

• The spouse paying maintenance would be able to deduct the amount of support payments from his or her taxable income.
• The spouse receiving maintenance would pay income taxes on the support payments.

Under the new law, there is no tax deduction for the payor of spousal support and no tax on these payments for the recipient. However, this change only applies to divorces that were completed after December 31, 2018. For divorces finalized on or before that date, spousal maintenance will continue to be taxed as it had been previously. In other words, the new law taxes spousal support payments in divorces completed in 2019 or later the same as child support payments.

In Illinois, there are a variety of factors that are considered when determining whether to award spousal maintenance (also known as alimony or spousal support). However, it is important to understand that there are different types of spousal support, and the type of maintenance awarded may play a role in determining how to proceed if your or your ex-spouse’s situation changes following your divorce. Here are some guidelines to follow so that you know what to expect if you are ever faced with spousal support dilemmas:

The Types of Spousal Maintenance in Illinois

There are three types of spousal support that may be awarded in an Illinois divorce case:

1. Fixed-term maintenance—In these cases, the court will designate an end date on which spousal support payments will be terminated. This means that maintenance will be expected to be paid throughout the term, but once the term ends, the spouse providing support will no longer be obligated to offer any additional support.

   ...