Divorce is so much more than simply the end of a marriage. This process can be heavily influenced and impacted by finances. Unfortunately, it is not uncommon for spouses to hide assets during a divorce. In the state of Illinois, assets must be split justly, however that does not always mean equally. It can be difficult to decide upon a fair division of marital assets, however, hiding assets is not the way to go about it. It is not only unlawful and unethical to hide assets, but there can be serious consequences if caught doing so. It is essential to recognize the signs when a spouse may be hiding assets and to be aware of what will be faced if caught.
What To Look Out For
Married couples tend to have complex financial portfolios. Dividing assets and debts during divorce can be complicated. Many spouses own residences and rental properties, vacation homes, life insurance, retirement plans, businesses, and more. These are some red flags to look out for if you suspect that your spouse is hiding assets:
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Hiding Money - One of the most common ways spouses hide assets is by making large or frequent withdrawals from their bank. Spouses may stash away large sums of money to shield them from division during divorce.
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