7 Signs a Spouse May Be Hiding Assets or Lying About Income During Divorce

 Posted on July 19, 2022 in Chicago divorce attorney

Finances play a massive role in any divorce case. Divorcing spouses are required to submit a financial affidavit that states their assets and income as part of the divorce process. This information is used during property division negotiations, or if the couple cannot agree on the terms of property division, by the court during a divorce trial. Financial information is also essential to spousal support and child support determinations.

Divorcing spouses may hide property or money or lie about finances during divorce to try and gain an advantage. If you are getting divorced, make sure to be vigilant for this type of financial deception.

Red Flags of Financial Deception During a Divorce

A fair divorce resolution is only possible if spouses are truthful about assets, income, debts, and other financial information. If you are getting divorced, look for signs of financial trickery like:

• Unusual withdrawals – If you are noticing a large increase in cash withdrawals, your spouse may be removing money from bank accounts for the purpose of guarding it from division during divorce.

• Sudden increase in expenses - Sometimes, spouses do not withdraw money directly but instead get “cash back” on seemingly legitimate purchases like groceries or household goods. If your monthly grocery bill has gone from $300 to $1,000, this is a sign something is not right.

• Large purchases – Spouses who are trying to manipulate the divorce through financial deception may make large purchases and then undervalue the items during divorce. Fine art, antiques, and other hard-to-value assets are the most common vehicles for this type of chicanery.

• Refusal to discuss finances – If a spouse will not discuss important financial matters or gets defensive when asked reasonable questions about financial issues, this may be a sign that they are not willing to be honest.

• Preventing the other spouse from accessing financial data – Sometimes, a spouse who is trying to manipulate the outcome of a divorce may try to prevent the other spouse from being educated about the household finances. If your spouse hid financial documents or changed online bank passwords to joint accounts, this is a red flag.

• Rerouting mail to a P.O. box – Another way that spouses may hide financial information is by rerouting mail to a P.O. box or another location so the other spouse will not see bank statements or other documents.

• Sudden decrease in income – When a divorcing spouse suddenly reports a significant decrease in income, this should raise some concerns. Some spouses will receive payments “under the table” or take cash payments so they can more easily hide income during divorce.

Contact a North Aurora Divorce Lawyer

If you are getting divorced, contact our Kane County divorce attorneys to get the legal support and guidance you need. Call our office at 630-409-8184 for a confidential consultation.

Source:

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