Is Your Ex Hiding Assets? Uncovering Hidden Income and Property in Illinois Divorce

 Posted on August 28, 2023 in Divorce

Unfortunately, it is not uncommon for some spouses to attempt to conceal or undervalue assets and income when divorcing in Illinois in hopes of avoiding their fair share of property division and support obligations. However, Illinois divorce law provides legal mechanisms to uncover hidden marital property and income sources.

Require Complete Financial Disclosure Upfront

Illinois requires full written disclosure of all assets, debts, incoming revenue streams, and expenses by both spouses at the outset of divorce proceedings. Non-disclosure can result in severe penalties down the road, including overturning of the final property settlement. Insist on transparency from the very beginning.

Subpoena Bank Records and Financial Statements

If you have credible suspicion of undisclosed accounts, assets, or transactions, your divorce attorney can petition the court to subpoena bank statements, credit card records, loan documents, and other financial statements to ferret out hidden information that your spouse may have "forgotten" to mention. Thorough subpoena powers allow financial secrets to come to light.

Interview Friends, Family, and Business Associates

Contacting and interviewing your soon-to-be ex's close business partners, accountants, investors, clients, friends or family members often brings hidden dealings and assets to the surface, if mentioned by them in passing. These networks may hold unique insights and tidbits not obtained elsewhere. Even casual conversations can yield useful intel.

Hire a Private Investigator

A private investigator who specializes in marital asset searches can comb through public records, real estate titles, incorporation documents, loan applications, and other paperwork to uncover assets titled or registered in your spouse's name that point to hidden interests, ownership stakes, and holdings that they hoped to keep buried during divorce.

Seek Expert Forensic Accounting

Forensic accountants can analyze tax returns, balance sheets, bank records, and other financial minutiae with a fine-tooth comb to identify questionable transactions and asset transfers that may have occurred in hopes of hiding money from divorce proceedings. Their expertise can prove invaluable.

If you have a nagging sense that your soon-to-be ex is financially deceiving you and the court, take decisive legal action to ensure you receive your fair share of marital property. With the right tools and professional support, the truth will ultimately come out.

Contact a DuPage County Divorce Lawyer

If you need more legal help uncovering your spouse’s hidden assets and income, do not hesitate to speak with an experienced Illinois divorce attorney. Call Goostree Law Group at 630-364-4046 for a free consultation.

Source: 

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm