What Are Some Signs That a Spouse is Hiding Assets in an Illinois Divorce?

 Posted on October 26, 2020 in Division of Assets

A fair divorce settlement or judgment is only possible if both parties are honest and forthcoming about their assets, income, business revenue, debt, and other financial information. However, some spouses intentionally hide assets in an effort to make their financial situation look worse than it actually is. They may do this in an attempt to avoid splitting the value of the assets during property division, to pay less in child support, or to lessen their spousal maintenance obligation. If you suspect that your spouse will try to hide assets or otherwise lie about finances during your divorce, speak to a skilled divorce lawyer as soon as possible.

Your Spouse Refuses to Give You Access to Financial Information

One sign that your spouse is currently hiding assets or is planning to lie about assets during your divorce is refusing to let you access financial documents. Most lawyers encourage spouses to gather financial documents like tax returns and bank statements when preparing to divorce. If your spouse is suddenly hesitant to let you view these documents or moves financial documents or computer files to a new location, this may be a sign that he or she is hiding something. If your spouse reroutes mail like bank statements to a new address or P.O. box, this may also be a sign that the documents contain information that he or she does not want you to see.

Property Goes Missing or Your Spouse “Loans” Money to a Friend

Another way that spouse may hide assets is to sell or “give away” money or property to another individual. Spouses sometimes sell or give away property in an effort to reduce their net worth prior to a divorce. Often, a spouse gives property or money away temporarily and then recoups the property after the divorce is finalized. Spouses may accomplish the same goal by intentionally overpaying the IRS. By paying more taxes that he or she actually owes, he or she temporarily lowers his or her financial resources. The spouse recovers the money after the divorce when the IRS issues a tax refund.

Your Spouse’s Business is Suddenly “Struggling”

Business owners have a multitude of avenues for hiding assets during divorce. A deceitful spouse may delay bonuses or commissions, pre-pay employee benefits, or sell business assets to make the business look cash-poor. Some signs that your spouse is using his or her business to hide assets include:

• Your spouse complains about a reduction in customers or that his or her business is otherwise struggling.
• Your spouse claims that business investments have not paid off the way he or she hoped they would.
• Your spouse is suddenly making much less money than he or she did previously.
• Your spouse makes unusually large business purchases or takes on a great deal of debt.

Contact a Naperville Divorce Lawyer

If you suspect that your spouse may hide assets or you have other divorce-related concerns, contact an experienced DuPage County divorce attorney from Pesce Law Group, P.C. Call our office at 630-352-2240 for a free consultation.

Source:

https://www.liveabout.com/ways-to-find-hidden-assets-during-divorce-1103106