My Spouse is Hiding Assets During the Divorce

 Posted on March 15, 2023 in Family Law

You may have heard the phrase, “What is yours is mine, and what is mine is yours.” Such words are often uttered between couples during the honeymoon phase. But if you are getting a divorce, those sentiments can quickly go out the window. This is especially true if one spouse is trying to hide assets during the divorce proceedings. The process of identifying and dividing marital property is significantly complicated, especially in high-asset divorces, but it is important to set emotions aside to protect your rights and finances.

Shielding Assets From Division 

The totality of the assets represents the fruits of your hard work, and you are entitled to what is rightfully yours. It is unfortunate, but sometimes spouses will fight to keep all the marital property to themselves. These are some ways your soon-to-be-ex may try to conceal assets during the divorce proceedings:

• During tax season, rolling over a potentially large tax refund to the next year to avoid sharing it with their spouse

• Stashing away large sums of money 

• Postponing a business deal until after the divorce to avoid sharing the profits with their spouse

• Making payments to friends or family members

• Hiding assets in offshore accounts or other secret bank accounts 

Full Disclosure of Assets

A high-asset divorce requires that both parties work closely with their attorneys to determine exactly how much property they will receive when the marriage ends. You may have to sort through IRAs and 401k accounts, real estate, investments, and business interests. In some cases, honesty may not be a part of the equation, and you will need to investigate your spouse's finances to make sure that you have identified all available assets to divide in the divorce.

Uncovering Assets with a Forensic Accountant

If you suspect that your spouse may be hiding assets, we can help. At Law Office of Martoccio & Martoccio we understand that sometimes spouses will try to hide or shield assets from their soon-to-be ex-spouse. We are prepared to aggressively seek out and identify hidden assets for you. In some cases, we work with forensic accountants and other financial professionals who can investigate an individual’s finances and ensure that they are not hiding any assets that the other spouse is entitled to.

Contact a DuPage County High-Asset Divorce Lawyer

If you need more information about how Law Office of Martoccio & Martoccio can help you with a high-asset divorce, call 630-920-8855 for a free consultation. A qualified Hinsdale high-asset divorce attorney will explain the process of these challenging cases. 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000