Tag Archives: financial fraud

IL divorce lawyerA recent study has shown that 53 percent of Americans have kept financial secrets from their partner. When two people are going through a divorce and dividing property, keeping these money secrets becomes even more common. People often hide assets when going through the divorce process so they are not divided and they do not lose them during the divorce. So, if you are going through a divorce, how can you tell if your spouse is hiding assets? Below are some of the biggest warning signs to look for that may indicate your spouse is not being honest.

Warning Signs of Financial Fraud

When one spouse tries to hide assets to protect them from being subject to Illinois’ property division laws, it is considered financial fraud, and the courts take it very seriously. Some of the most common signs that your spouse is not providing full disclosure, or that they have undervalued assets include:

  • Insisting that they completely manage the family’s finances and pay all of the bills
  • Refusing to talk about money with you, or they become upset when financial subjects are broached
  • Making large cash withdrawals or money transfers
  • Hiding mail from you, or rerouting mail to a post office box
  • Traveling out of the country frequently and opening offshore bank accounts
  • Reporting a major loss in business, investments, or other marital property
  • Opening a number of different bank accounts
  • Developing a gambling or substance abuse problem

Upon spotting any of these signs of financial fraud, you may think the situation is hopeless and that there is nothing that can be done. Fortunately, that is not true.

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IL divorce lawyerWhen going through a divorce, you hope that your spouse will be honest when presenting certain facts of their case. Unfortunately, that is not always the case. Sometimes, spouses lie about their assets and when they do, it can present many challenges and result in an unfair settlement, or worse. There are many different reasons a spouse may lie about their assets but they can all hurt you in the end. For this reason, it is crucial that you understand how to identify signs of fraud, and how to protect yourself from it.

The Different Types of Fraud in Divorce

There are many different reasons a spouse may wish to lie about their assets during divorce, and a variety of ways in which they may attempt to do it. A spouse may ask a friend or family member to temporarily take possessions such as cash or stock options to prevent these assets from being divided in property division hearings.

Or, a spouse may try to hide income so they do not have to pay as much in spousal maintenance or child support payments. When they do this, they will often misreport their income on tax returns. Although this could result in criminal charges for them, it could also mean financial consequences for you. If you had filed a joint tax return with your spouse, you could face the same consequences yourself, which is extremely serious.

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