How Can I Tell if My Spouse is Hiding Assets from Me During Divorce?

 Posted on February 23,2021 in Divorce

When you get a divorce, you and your spouse are tasked with the job of determining how your assets will be distributed between the two of you. In the state of Illinois, the law says that you must distribute any and all marital assets in an equitable manner, which may not always equate to an equal manner. There are a variety of factors that are taken into consideration when making decisions as to how property and debts are allocated, with the main goal to give each spouse the fair amount of the marital estate with all things considered. Unfortunately, this can lead some people to seek drastic measures to keep certain assets from their spouse’s possession. The most common way this is done during a contested divorce is by attempting to conceal these assets during the discovery process.

Taking a Closer Look at Your Finances

When your spouse is hiding assets from you, the allocation of your marital assets and debts is not nearly as equitable as it should be. Some people may not even know or have any suspicion that their spouse is hiding anything from them. For others, they may know of a certain asset that is not being reported or notice something else suspicious in the financial records. Here are the most common ways people attempt to hide their assets:

• Transferring their assets from a joint to an individual account

• Transferring assets from their account to a friend

• Purposefully overpaying taxes to the IRS

• Purchasing expensive art, jewelry or antiques whose value can be underreported and that can later be sold

• Lending money to friends and family, with the intention of quick repayment after the divorce is final

Discuss Your Case With Our Kendall County Asset Division Lawyer

Finding out that your spouse was attempting to conceal assets from you can be upsetting, even if you are ending your relationship. If you suspect that your spouse might be trying to keep you from getting your fair share of the marital estate, you should speak with a tenacious Yorkville divorce lawyer who has experience working with cases involving hidden assets. At the Law Office of Matthew M. Williams, P.C., we can help you determine whether or not your spouse is hiding assets from you. To schedule a private consultation, call our office today at 630-409-8184.

Sources:

https://www.forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets/?sh=60fbdc826579

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm