Warning Signs that Your Spouse Is Hiding Assets

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.

Discovering Hidden Assets

Although it is always wise to work with an attorney during divorce, it is especially important if you think your spouse is hiding assets, or that they will try. When working with an attorney, they will use the discovery process to learn the truth of your spouse’s assets. During discovery, a lawyer may ask for:

  • Documents, such as tax returns, financial statements, and loan applications
  • Interrogatories, or requests for admission, which your spouse must answer in writing and confirm certain statements that you think are true
  • Inspection demands to provide access to a safe deposit box or a wine collection
  • Testimony from you and your spouse during an oral deposition, in which statements are provided under oath

All of these records are difficult to obtain on your own, which is why working with an attorney is so important.

Our Illinois Family Lawyers can Help

There are many challenges in an Illinois divorce, and a spouse that hides assets is just one. If you are going through a divorce, give yourself the best chance of success and call our experienced Hinsdale family lawyers at the Law Office of Martoccio & Martoccio. We know how to ensure your spouse is open and honest about their assets, and we will help you throughout every step of the divorce process. Call us today at 630-920-8855 or contact us online to schedule a free consultation with one of our skilled attorneys.

 

Source:

https://www.cnbc.com/2020/02/05/53-percent-of-americans-have-kept-money-secrets-from-their-partner.html

 

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