When a party to an Illinois divorce has an overseas bank account, that account must be disclosed and, if found to be marital property, equitably distributed by the court. If the overseas account is not disclosed, Illinois divorce courts possess limited powers to investigate bank accounts in other countries. In an Illinois divorce, locating and dividing overseas bank accounts requires a combination of legal strategy, discovery tools, and persistence. Courts may lack jurisdiction over the foreign bank…but not over the spouse who controls the accounts Marital Assets are Divisible In Illinois No Matter Where They Are Located If the foreign bank account can be properly shown to be a gift, inheritance or was completely acquired in advance of the marriage, the foreign bank account will be deemed non-marital property and awarded in its entirety to the party who holds that account. Beyond these exceptions, an overseas bank account will be deemed marital and, thus, divisible under Illinois law. An Illinois divorce court “shall divide the marital property without regard to marital misconduct in just proportions” 750 ILCS 5/503(d) In Illinois, “’[M]arital property’ means all property, including debts and other obligations, acquired by either spouse subsequent to the marriage”750 ILCS 5/503(a). Assets held in a foreign bank is no exception to the Illinois Marriage and Dissolution of Marriage’s broad scope which includes “all property” Determining If Overseas Bank Accounts Exist In An Illinois Divorce People who deposit money into foreign accounts are not getting a bank statement mailed to them here in the United States every month from the foreign bank. Determining whether a foreign bank account even exists depends on the disclosures of the party holding the foreign bank account. Every county in Illinois requires that divorcing parties fill out a financial affidavit when the divorce is filed. In Cook County, Illinois the rule is as follows: “(a) Pre-Judgment Disclosure –In all pre-judgment proceedings in which a party is seeking division of the marital estate, to establish, modify or enforce an order for maintenance, child support, or educational expenses pursuant to Section 513 of the Illinois Marriage and Dissolution of Marriage Act, support for a non-minor child with a disability pursuant to Section 513.5 of the Illinois Marriage and Dissolution of Marriage Act, disposition of property in a civil union, retroactive child support in parentage matters, or attorney’s fees and costs against the other party, each party shall serve a completed affidavit […]
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via Russell D. Knight | Family Lawyer Chicago https://rdklegal.com