What Are Some Clues that a Spouse is Hiding Assets During an Illinois Divorce?

 Posted on May 08,2021 in Divorce

If you are getting divorced in Illinois, you and your soon-to-be spouse will be asked to file a financial affidavit with the court. You will be expected to list information about your income, expenses, debts, and assets. Unfortunately, some spouses lie on their affidavits in an attempt to gain a financial advantage during a divorce. Lying about finances during divorce not only is unethical, but also, it is also unlawful. Divorce issues such as property division and child support should be based on accurate, up-to-date financial data. If you are getting divorced, make sure to watch out for signs of hidden assets and other forms of financial fraud.

Keeping Financial Information a Secret

Per Illinois law, you have a right to an equitable portion of the marital estate. This means that you have a right to a fair share of any assets that were accumulated during the marriage. This may include bank accounts, retirement funds, business revenue, profits from investments, and more. One clue that your spouse may attempt to cheat you out of your fair share of the marital estate is a sudden increase in secretive behavior. Rerouting mail to a P.O. box, hiding tax returns and other financial documents, changing online banking passwords, and refusing to discuss finances with you, may all be signs of deception.

Transferring Funds or Other Unusual Financial Transactions

One of the most popular methods that spouses use to try to hide assets is simply moving the assets around. Your spouse may transfer assets from a joint account to a separate account that you are unaware of. He or she may also “lend” money to friends and family with the express purpose of denying you access to these funds during the divorce. Some divorcing spouses even intentionally overpay the IRS to hide money temporarily. Buying expensive items like art or jewelry with the intention of selling them after divorce is another popular tactic for hiding assets during a divorce.

Sudden Reduction in Salary or Business Proceeds

Spouses may also try to manipulate child support, spousal maintenance, or property division determinations by making their financial circumstances appear more dismal than they actually are. Spouses may exaggerate expenses or create fake debts. They may reduce their work hours or defer commissions and bonuses until after the divorce to make their income appear lower than it is. Business owners may delay invoicing clients or reduce prices to create the illusion of a struggling business.

Contact a McHenry County Family Law Attorney

If you are getting divorced and you suspect that your spouse is hiding assets or lying about financial issues, contact Kane County family law attorney Colleen Thomas for help. You deserve a divorce settlement or judgment that is based on the truth. Call 847-426-7990 for a confidential consultation.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/