Hidden Assets And Their Consequences 

dupage county divorce lawyer 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:

  • 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. 

  • Transactions Among Friends and Family - Be aware if your spouse has recently begun repaying family members or friends for “loans” or transferring large sums of money. It’s important to keep track of where these transactions are going and be wary whenever your spouse is moving large sums of money for any reason. 

  • Rolling Over Tax Refunds - If your spouse is aware that they may be receiving a large tax refund, they can opt to roll it over to the following year to avoid splitting it. 

  • Undisclosed Accounts - Once a divorce has been called into action, a spouse may begin to purchase secret assets so they have investments their spouse will not know about. 

  • Hiding Business Assets - When a spouse owns a business, they may postpone important deals until the divorce has been finalized. It is also a possibility that they hire fake employees, and keep this money for themselves. 

What Are The Consequences For Hiding Assets?

Hidden assets can drastically change the direction of a divorce case. Illinois judges do not want their time wasted, and lying to both a spouse and a judge can lead you to lose credibility and face serious consequences. If you are in the middle of a divorce and considering hiding assets, it is important to remember that lying in court, otherwise known as perjury, is a punishable crime. If caught, you could be charged with a criminal offense. Perjury is a Class 3 felony in Illinois and can lead to a fine of up to $25,000 and five years in prison. Most people who hide assets and commit perjury are caught, and these charges are permanently listed on your record. 

Call Us Today To Speak with a DuPage County Divorce Attorney 

Lying about finances can affect your case significantly. If you suspect that your spouse may be hiding assets from you, know that you do not have to go through this alone. Watch for the signs and be sure to contact a Hinsdale divorce attorney at Law Office of Martoccio & Martoccio. We will help you fight to make sure you get your fair share of your marital assets. Call 630-920-8855 or contact us online for a free consultation. 





Recent Blog Posts



Free Initial Consultations

phone 630-920-8855
address15 North Lincoln Street, Hinsdale, IL 60521
Our firm handles family law and personal injury matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Darien, Downers Grove, Elmhurst, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lombard, Naperville, Oak Park, Oak Brook, Oakbrook Terrace, Clarendon Hills, Oswego, Park Ridge, Roselle, St. Charles, Geneva, Villa Park, Warrenville, Wheaton, Western Springs, LaGrange, Winfield, Woodridge and Yorkville.

© 2023 Law Office of Martoccio & Martoccio 15 North Lincoln Street, Hinsdale, IL 60521 630-920-8855

OVC Lawyer Marketing

Share Your Experience