Tag Archives: hidden assets in divorce

Hinsdale IL high net worth divorce lawyerIt does not matter whether you have $100 in your bank account or all of the money in the world -- divorce is just as tough, both emotionally and financially, whether you are rich or poor. Many people think that couples who have more money tend to have an easier time if they get divorced, but that is not actually true. If anything, these couples experience just as much, if not more stress than couples with fewer assets. High net worth couples getting a divorce have a lot at stake, which is why it can be so emotionally and financially demanding for them. Here are just a few mistakes you should try to avoid if you have extensive assets and you are getting a divorce:

1. You Attempt to Hide Assets From Your Spouse

This mistake is a big no-no. Hiding assets from your spouse is not only rude, but it is illegal. When you enter into the divorce process, you are required to disclose all of your marital assets, which can be anything from checking and savings accounts to retirement accounts to vehicles and jewelry. Bottom line, do not try to hide assets from your spouse and his or her lawyers -- they will find out and you will pay for your actions.

2. You Forget About Tax Implications

Taxes are not something on most people's minds when they are getting a divorce. You are mostly focused on the here and now -- not what you will be paying in the future. Forgetting about tax implications is a costly mistake. Take spousal support for example -- currently, the person who pays it can deduct it from their taxes, and the person who receives it must report it on their taxes. This changes next year though, where the payor cannot deduct it, and the payee does not have to report it. Either way, tax implications can have a role in decision-making during your divorce.

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DuPage County property division lawyer

Financial infidelity can be stressful in any relationship, but it can become even more stressful in a divorce. Here are a few signs that your spouse may be hiding assets from you:

  1. You find unusual statements in the mail. This one can be the most obvious. If you have been getting account statements in the mail from banks or credit card companies that you are not familiar with, they could indicate that your spouse has an account with them that he or she has not told you about.
  2. Your spouse is controlling your joint bank accounts. This one could be harder to detect if your spouse is usually the one who takes care of the finances. If your spouse all of a sudden begins being secretive or controlling of your joint checking or savings accounts, it could be a sign that he or she is trying to conceal certain financial actions.
  3. Your spouse has made unusually large purchases. You are probably aware of your spouse’s spending habits. If they are making unusual purchases or very expensive purchases, like cars or jewelry, without your knowledge, they could be attempting to underreport the costs of those items.
  4. Your spouse has opened a custodial account. While this may seem like a responsible and preemptive thing for your spouse to do, it may have happened for the wrong reasons. Opening a custodial account under your child’s name and social security number can allow them to put away money while saying it is for your child.

A Hinsdale, IL Asset Division Lawyer Can Help

When you get a divorce, you will eventually have to divide community assets between you and your spouse. If your spouse has an array of assets that you are on aware of, he or she could be getting much more than his or her fair share. If you have reason to believe that your spouse is attempting to hide assets from you, you need help from a knowledgeable and aggressive DuPage County community property attorney.

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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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