A 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....