Tag Archives: hidden assets in divorce

Illinois family lawyerMost people are aware that divorce proceedings lead to a great deal of emotional distress. However, many do not realize how much a divorce can damage their personal finances, especially if they are close to retirement age or have stayed at home rather than worked for years.

If you are going through a divorce, it is essential that you get everything that you are entitled to. Sadly, this is easier said than done as your spouse may hide their money or assets, such as stock shares, stock options, real estate, trust accounts, and investment accounts during your divorce. If you believe your spouse is hiding money, you should do the following:

Contact the Internal Revenue Service

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Illinois divorce lawyer, Illinois family law attorneyOne of the very basic tasks to be completed during an Illinois divorce proceeding is for the parties to indicate the assets they have and to either divide these assets amongst themselves or to submit the list of assets to the court and allow the judge to divide the assets . If this duty of asset division falls to the court, the judge will divide the assets in a way that appears to treat both parties fairly. The general idea behind property division is that both parties should obtain a fair share of the property and assets they accumulated during the marriage (there are some important exceptions to this general rule, however).

In a perfect world, even divorcing spouses would treat one another with fairness and respect. As most know, we do not live in a perfect world. Some spouses, in an attempt to gain a larger distribution of the marital estate from the court, will deliberately attempt to hide or misrepresent the amount of assets they hold. The other spouse usually becomes aware of this when the spouse hiding assets files a disclosure or other document listing his or her assets and the innocent spouse notices several “big ticket” items are missing: a house, a collector car, or other similar item. But what can a spouse do if he or she believes the other spouse is hiding assets?

Hiding Assets Is Not a Good Idea

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Hinsdale divorce lawyers, hidden assetsHidden assets, undisclosed income, and phony debts to business associates, parents, or relatives are commonplace to those divorcing or thinking about divorce

Spouses who realize they will soon be going through an Illinois divorce frequently think of clever ways to lower the marital estate in order to give their spouse less assets or less money in their divorce. Lies, false accusations, and the  transfer of assets which these spouses believe will never be discovered during a divorce case occur all too frequently. In fact, your husband or wife may try to intimidate you into believing that he or she can successfully lie about his or her transfers of assets and simply get away with it. Not true.

An experienced divorce lawyer, like a magician, knows the truth behind the trick. As clever and brilliant as you may think your spouse may be, the odds are that spouses in Illinois divorces have already tried a similar lie, trick or scheme. 

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