How Can Hidden Assets Affect My Illinois Divorce?

 Posted on December 27,2023 in Divorce

While all divorces are different, one of the most common aspects of any divorce is the fact that the couple will need to divide their assets and debts. This is a careful process aimed at making sure neither spouse ends up in financially dire straits as a result of the divorce while the other spouse reaps all the benefits. Unfortunately, even though it is illegal to hide assets during a divorce, it is something that is commonly done by people who want to hurt their spouse and take everything for themselves. If you are about to get divorced and you suspect that your spouse might be hiding assets, a dedicated Naperville, IL divorce attorney can help you try to get to the bottom of it.

What Can You Do if Your Spouse Is Hiding Assets?

Illinois is an equitable distribution state, as opposed to one that divides assets according to an equal division. As such, Illinois law prioritizes fairness over symmetry in asset division. In some marriages, both spouses work for a similar number of years, contribute to the marital assets, and support each other's careers and abilities to continue advancing professionally and earning in the future. For such couples, it is possible to feel comfortable with an asset distribution meant to help each side leave the marriage with a fair share. Some people, especially in an acrimonious divorce, might be so angry or hurt that they simply want to make the other person suffer. In such cases, one spouse might start hiding away assets even before divorce proceedings begin, to ensure that the courts only actually divide a portion of the assets and they end up with more.

If you think your spouse might be hiding assets, there may be some red flags that could indicate suspicious behavior. If they are the owner of a small business that is suddenly way more successful than it ever used to be or if they are cagey about sharing your family’s financial information with you, these could be signs that they are trying to hide assets. Depending on how your spouse has gone about hiding assets, there are several ways your attorney might try to find them, including:

• Financial records: Your lawyer might ask for personal and business income tax reports to compare how much taxes your spouse paid in the past with how much they are paying during the period of the divorce proceedings. If there is a significant difference suddenly, this would be a warning sign to investigate further.

• Forensic accounting: Your lawyer might recommend hiring a forensic financial specialist who can investigate your spouse’s account history, track down assets in various locations, and discover money that is unaccounted for.

• Deposition: Your spouse will be sworn under oath to tell the truth and can be questioned about their finances. If they do not answer truthfully, they can be convicted of perjury.

Schedule a Free Consultation with a DuPage County, IL Divorce Attorney

If you suspect your spouse might be hiding assets to manipulate the asset division in your upcoming divorce, an experienced Naperville, IL divorce lawyer can guide you on how to find answers. Call Pesce Law Group, P.C. at 630-352-2240 to schedule a free consultation.