My Spouse Lied About Finances During Divorce. What Can I Do?

 Posted on March 02,2022 in Divorce

Financial issues are just one part of the marital relationship. However, financial concerns often eclipse other matters in a divorce case. A spouse’s income, debts, assets, and expenses influence almost every aspect of the divorce case. Child support, spousal support, and property division are all influenced by finances. This is why it is so crucial for divorcing spouses to ensure that financial disclosure is accurate and complete.

Some spouses try to manipulate the outcome of the divorce by lying about how much money they make or other financial information. If you are divorcing and believe that your spouse has fabricated financial information or soon will, take action now. You deserve a divorce outcome that is based on accurate financial information. A divorce lawyer experienced in complex financial concerns during divorce can protect your rights and help you take the next step.

Methods for Hiding Assets in Divorce

One of the most common ways that spouses try to gain an advantages by lying about finances is by hiding assets. A spouse may simply fail to list all the accounts and assets he or she has. Cryptocurrency, offshore accounts, or businesses may be vehicles for hiding assets. Divorcing spouses may also hide assets by transferring the property to a friend or colleague. For example, a husband may transfer $10,000 to a friend under the guise of paying back a personal loan. This shields the money from division during divorce. After the divorce, the husband simply gets the money back from the friend. Spouses may also underreport the value of certain items. Antiques, fine art, jewelry, or collectables may be worth much more than the spouse claims the assets are worth. Businesses and professional practices may also be vulnerable to undervaluation during divorce.  Some spouses go so far as to physically hide property or cash to prevent the property from being divided during divorce.

How to Reveal Financial Fraud During Divorce

Lying the court is illegal and spouses who lie about assets during divorce can face serious consequences. If you suspect that your spouse is hiding assets, undervaluing assets, or failing to report all forms of income in your divorce, contact a divorce lawyer for help. Your attorney may use discovery tools like requests for production of documents or depositions to uncover the truth. Forensic accounting may also be used to find evidence of financial fraud during a divorce.

Contact an Experienced Cook County Divorce Lawyer

If you are getting divorced and you believe your spouse may lie about money or hide assets, contact the skilled Chicago divorce attorneys at the The Law Office of George J. Skuros for help. Call 312-884-1222 for a confidential consultation.

Source:

https://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce/