Uncovering Hidden Assets During a Divorce

 Posted on November 22,2022 in Property Division

It is far from uncommon for either spouse in a divorce to try and hide certain assets while both parties are still in the middle of determining their property’s value. Illinois is an equitable distribution state, meaning that assets in a divorce are split equitably, which might not necessarily mean equally.

The size of assets being hidden can vary, but it can be a good idea to take a closer look if you believe your spouse could be hiding assets. A further of an examination of certain factors can occasionally lead to a surprising finding.

Ways Spouses Hide Assets

Every divorce is different, but some of the more common ways in which spouses may try to hide assets can include:

• Hiding Cash — The simplest way is probably the most common, with many spouses simply stashing away large sums of money, and the technique is usually most evident in cases involving frequent large withdrawals.

• Hiding Assets in a Business — When one spouse owns a company, then they can postpone a lucrative deal until their divorce is finalized. They can also create fake employees to pay but actually keep the money for themselves. 

• Transactions Involving Friends or Family — Beware a spouse claiming to repay a friend or family member for an old debt. Also be wary of a spouse claiming they are transferring a large sum of money to a friend or family member for any reason.

• Rolling Over Tax Refunds — When a spouse knows they are receiving a large tax refund, they can opt to roll it over to the following year to avoid splitting it with their spouse.

• Delaying Bonuses — It may be possible for a spouse to tell their employer that they want to delay a bonus or promotion that could increase their income and require them to pay more to their spouse.

• Undisclosed Accounts — As soon as spouses know they are divorcing, one spouse may quickly open a new account or purchase investments in an effort to have something the other spouse does not know about.

Contact Our Cook County Divorce Lawyers

If you are in the middle of a contentious divorce in which you suspect your spouse may not be completely honest about their finances, make sure you have skilled legal representation on your side. The Chicago divorce attorneys at The Law Office of George J. Skuros will know how to get answers and advise you on the best actions you can take.

Our firm has a wealth of experience investigating all kinds of improper spousal activities. Call 312-884-1222 or contact us online to set up a free consultation.

Source:

https://www.forbes.com/sites/heatherlocus/2022/06/28/red-flags-of-financial-fraud-in-divorce--and-what-to-do-about-them/?sh=76c4b4b357b4