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I Think My Spouse Is Hiding Assets in Our Divorce. What Should I Do?
In Illinois and across the nation, a divorce can have significant financial ramifications for all parties involved, depending on how both parties’ assets are divided. To gain the economic upper hand over their spouse, individuals may attempt to hide portions of their assets to keep money and other resources from being allocated to their partner during the divorce proceedings. If you believe your spouse may be hiding assets, consider hiring a knowledgeable divorce attorney with experience uncovering hidden assets.
How Can Assets Be Hidden?
In the state of Illinois, the law states that marital assets are eligible to be fairly distributed in divorce proceedings. However, this is only if the assets have not already been addressed by a valid prenuptial or postnuptial agreement. To secure a more significant percentage of the estate, a spouse may try to hide certain resources or revenue streams. The hiding of assets can take place before or during the divorce proceedings.
A spouse can attempt to hide assets from their partner in several ways. Some of these ways include:
- Combining personal finances into business accounts controlled by that spouse
- Secretly opening bank or retirement accounts to stockpile resources
- Spending large amounts of money on items such as jewelry, art, and other luxuries they plan to resell after the divorce
- “Gifting” high-value items to friends or family members
- Falsifying documents to hide assets
- Underreporting their income
How Can Hidden Assets Be Uncovered?
There are three primary options an individual can pursue to account for the assets in their marriage accurately. It is essential to remember that gaining an accurate representation of the marital assets will allow for a fairer distribution of all assets involved in the divorce. Your three options are as follows:
- Have your legal counsel look at the numbers - Hiring an experienced divorce attorney means they have analyzed financial statements. Depending on what your lawyer recommends, they may suggest you pursue forensic accounting, which will take an even deeper dive into the assets in the marriage.
- Consider hiring a forensic accountant – Forensic accountants are specialists at finding money and other assets. While this can be expensive, it is the most comprehensive option. Forensic accountants are trained in analyzing, interpreting, and summarizing complex financial matters. If your spouse is hiding financial information from you, it is more probable than not that a forensic accountant will bring this information to light.
- With the guidance of an attorney, look at the numbers yourself – If you are looking to save on costs, you could consider gathering all your relevant documents and analyzing them yourself. Although this is not as comprehensive an option as hiring a forensic accountant, there are online resources available to help you understand the process of tracking down assets.
Contact a St. Charles Illinois Divorce Attorney
Divorce can be incredibly stressful, especially when it comes to handling marital assets. To weigh your options, contact an experienced Kane County divorce lawyer to advocate on your behalf while ensuring your rights stay protected. Call 630-584-5550 to schedule a free and private consultation at Shaw Sanders, P.C. today.
Sources:
https://www.forbes.com/sites/heatherlocus/2022/06/28/red-flags-of-financial-fraud-in-divorce--and-what-to-do-about-them/
https://www.investopedia.com/terms/f/forensicaccounting.asp
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