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Red Flags That Could Mean Your Spouse Is Hiding Assets or Income During Your Divorce
Financial issues are often the main source of conflict in a relationship, and that conflict can intensify during a divorce. Divorcing spouses are required to disclose their assets, all sources of income, and other financial information during a divorce. Financial disclosure is needed to ensure that any settlements or verdicts are based on accurate financial information. However, some spouses lie about their income and property during the divorce process. If you are considering or going through a divorce, it's important to be aware of the signs that your spouse may be hiding assets or income.
Common Ways Spouses Fabricate or Falsify Financial Information During a Divorce
Some spouses try to sway the division of marital property in their favor by lying about their assets and debts. They may also lie about income in order to increase the amount of child support or spousal support they receive or decrease their support obligations. Spouses may hide income or falsify income by:
- Hiding cash or other property
- Underreporting income or exaggerating expenses
- Omitting assets from asset disclosure forms
- Lying about the value of possessions
- Making large cash payments for goods or services
- Moving funds to offshore accounts or hidden accounts
- Selling valuable items for less than their true value
- Gifting assets to family members or friends
- Lying about the value of their business
Signs Your Spouse May Be Hiding Assets or Income During a Divorce
While it can be difficult to determine if your spouse is lying about their finances, there are some signs that could indicate they are concealing assets or income. If you notice any of the following red flags during your divorce proceedings, it may be time to contact a divorce attorney:
- Unusual spending habits or significant changes in spending patterns
- Frequent or large withdrawals from bank accounts
- Refusal to discuss financial issues
- Missing items around the house
- Failing to provide the information requested by the court or your attorney
- Claiming to be unemployed when they are working
- Unexplained changes in salary or employment status
- A sudden increase in debt
- Sudden changes in lifestyle
Contact our St. Charles Divorce Lawyers
Truthful financial disclosure is essential in a divorce case. If you suspect that your spouse is not being honest about his or her income, assets, debts, or other financial matters, contact Shaw Sanders, P.C. for help. Our Kane County divorce attorneys can help you uncover the truth and fight for a fair divorce settlement. Call 630-584-5550 for a free initial consultation.
Source:
https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
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