I Suspect My Spouse is Hiding Assets from Me. What Can I Do?

 Posted on October 10, 2023 in Divorce

It is illegal to hide assets when initiating a marriage and during the divorce process. Thankfully, there are many things you can do to sniff out hidden assets and ensure that you receive a fair settlement. You should take quick action to protect your financial interests following a divorce. The best course of action is to talk to an experienced divorce attorney. One who can help you develop a plan to find potential hidden assets and provide evidence of your findings to the court.

What are Hidden Assets?

The simple answer would be that hidden assets are any possessions, money, or other financial benefits that one spouse tries to hide from the other.

When divorcing couples cannot agree on how to divide their assets, the court steps in and decides based on different factors. But some people try to hide or get rid of their assets so their soon-to-be ex-spouse cannot get them in the division. These hidden assets can have a significant impact on how the property is split relatively in the divorce.

How are Assets Commonly Hidden?

People who hide assets during divorce often do so creatively. They may open secret bank accounts using their children's names or invest in things like jewelry, art, or other property that is hard to value. These methods are meant to reduce the total assets that can be divided in a divorce.

Red Flags to Look Out For

Many red flags may pop up when your spouse is trying to hide assets from you. These include:

• Sudden changes in spending habits
• Large withdrawals from bank accounts
• Creating new accounts or investments
• Transfers of assets to family or friends
• Unexplained income or expenses

What Can My Attorney Do for Me?

A skilled attorney can help you find hidden assets by:

• Reviewing your spouse's financial documents, such as bank statements, tax returns, and investment statements, to look for signs of hidden assets
• Deposing your spouse, which is a formal interview where your spouse must answer questions under oath
• Issuing subpoenas to banks, investment firms, and other financial institutions to obtain records about your spouse's assets
• Hiring a forensic accountant to look into your spouse's complex finances

Contact a Cook County, IL Divorce Lawyer

People who represent themselves in court can do many of the same things as an attorney. However, an attorney can offer expert knowledge and a trained perspective. For example, a skilled Chicago, IL divorce attorney from The Law Office of George J. Skuros knows how people hide assets and has the skills to find them. Contact the office at 312-884-1222 for a free limited consultation with one of our attorneys today.