The Dangers of Hidden Assets in Divorce

 Posted on December 00,0000 in Division of Property

A divorce is rarely an easy undertaking and, in some cases, can be extremely complex, especially if you fear that your spouse is not being honest about his or her financial situation. Hidden assets can prevent the court from putting together an accurate assessment of the marital estate, which could affect not only the property division process but issues related to spousal and child support as well.

What is a Hidden Asset?

While it is possible for a spouse to hide assets while living in the marital home during the marriage, it becomes even easier to hide assets following a separation. If you and your spouse are living apart, he or she could have opened secret accounts, started working under the table, received gifts from friends, or made undisclosed investments. Hidden assets may also take the form of physical items like jewelry, furniture, artwork, and real estate.

Revenue streams and income are often hidden by a spouse simply neglecting to disclose them during the divorce proceedings. It is also possible for a spouse to ask friends or family members to hold on to certain items or assets until the divorce is finalized. Physical items may actually be hidden in a safety deposit box or other discrete places as well. Regardless of how an asset is hidden, if discovered, the court will not look favorably on the behavior and may even order sanctions to be paid by the offending spouse.

Finding Hidden Assets

Most divorce attorneys have at least some experience in uncovering hidden property. There are a number of techniques and tools available to help them do so. For example, your attorney may:

• Request that court subpoena bank statements, investment statements, and employment records;
• Use interrogatories to obtain written statements from your spouse;
• Consult with forensic accountants and tax professionals to review records;
• Conduct a lifestyle analysis to uncover hidden revenue streams;
• Examine credit reports, insurance policies, and tax returns; and
• Interview and depose relevant witnesses and experts.

Work With an Experienced Divorce Attorney in Illinois

Hidden assets threaten to create an imbalance in your divorce proceeding if they are not found and addressed. If you are concerned that your spouse may be hiding assets in your divorce, it is important to get help in rectifying the situation. Contact an experienced DuPage County divorce lawyer to ensure that any and all hidden assets can be found before it is too late. Call 630-409-8184 to schedule a confidential consultation at the Law Office of Matthew M. Williams, P.C. today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000