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What Happens When Assets Are Hidden During a Divorce?

Posted on in Divorce

Naperville Family Law AttorneyAll divorcing couples are required by law to fully and frankly disclose all of their assets (and income, expenses, and debt). Sadly, though, it appears that some individuals simply cannot resist the temptation to steal or lie in order to retain at least a piece of those riches for themselves.

If you suspect hidden assets in your divorce, you may want to work with an attorney experienced in forensic accounting

Red Flags for Hidden Assets

Financial red flags might be simple to identify. There is a long list of questionable actions your spouse might take, but here are a few:

  • Being extremely controlling with money matters, possibly limiting your access to accounts or statements

  • Refusing to explain transactions to you or conducting opaque business

  • A history of lying, especially when it involves money

  • Requesting (or pressuring) you to sign legal documents that you do not understand or have not been given permission to read

  • Pursuing pricey vices like drug use or gambling

  • Having an extramarital relationship

How To Find Hidden Assets

You must decide whether to hire a forensic accountant or not. A forensic accountant who understands what they are doing will rapidly locate the answers you need, but it may be expensive to hire them. Your divorce lawyer will interact with various professionals whose knowledge can be helpful in this circumstance. The forensic accountant will assist your lawyer with the discovery process by advising them of the papers that should be acquired and the best business reports to employ.

What Are the Penalties for Hiding Assets During a Divorce?

If a spouse is discovered to be concealing assets, the court may order them to give them their fair portion of the assets. For instance, if a judge discovers $10,000 in undisclosed marital assets, she or he may compel the spouse who concealed the assets to pay the other spouse $7,000. Illinois is a "state of equity," and hiding an asset may lead the judge to determine that the spouse who discovered hidden assets receives the majority of the missing wealth. 

What If I Find Hidden Assets After the Court Ordered Discovery Process?

During the divorce procedure, it is feasible to find hidden assets without the help of an experienced professional. It is crucial to carefully examine the bank accounts. You should look for money that should be deposited but is not as well as withdrawals of money, especially cash, if you are not the one in charge of paying the bills on a regular basis.

Contact a Wheaton Divorce Lawyer

If you suspect your spouse is hiding assets or otherwise being dishonest about their finances, contact a DuPage County divorce attorney. The lawyers at Goostree Law Group are experienced in divorce, including complex high-asset divorces when additional professional help is necessary. Contact us today at 630-364-4046 for a confidential consultation to learn more about your options. 




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