What You Need to Know About Hidden Assets in Illinois Divorce Cases

 Posted on September 16, 2021 in Divorce

Finances impact a divorce case dramatically. The amount of marital property assigned to each spouse is heavily influenced by the value and types of assets owned by the spouses. Child support payments are calculated using each spouse’s net income. Spousal maintenance is also mainly determined by the spouses’ assets, income, and overall financial circumstances. Consequently, lying about finances can dramatically influence the outcome of a divorce case. Hiding assets, underreporting income, and transferring property to another party are all tactics some divorcing spouses use to manipulate their divorce case.

Ways that Spouses Conceal Assets in a Divorce

There are nearly countless methods for hiding assets in a divorce. Some spouses literally hide cash or property during divorce. They may “sell” assets to friends or family members only to regain the property after the divorce is complete. Other spouses use their business or professional practice to hide income or assets. Unscrupulous spouses may even use the Internal Revenue Service (IRS) to shield assets from division during divorce by overpaying taxes and reaping a large return in the future.

Perhaps the easiest and more common form of hiding assets in a divorce is simply not reporting the assets. In many marriages, one spouse takes charge of the finances while the other spouse handles non-financial responsibilities. This makes it easy for the knowledgeable spouse to deceive the uninformed spouse.

How to Uncover Financial Deceit in a Divorce  

Uncovering hidden assets or other forms of financial deception in a divorce typically requires assistance from divorce lawyers, financial experts, and other professionals. A forensic accountant is a specially-trained accountant who can find evidence of hidden assets in tax returns, bank statements, business reports, and other financial records. An appraiser can properly value business interests, investments, collectibles, or other hard-to-value assets. Along with financial professionals such as these, your attorney can expose financial deception and ensure that your divorce settlement or award is based on accurate financial information.

Contact a Cook County Divorce Lawyer

Spouses who know more about the household finances can take advantage of the other spouse during a divorce. At The Law Office of George J. Skuros, we believe that your divorce’s outcome should be based on truth, not your spouse’s version of the truth. Chicago divorce attorney George J. Skuros has more than three decades of legal experience and is equipped to handle complex issues related to property division, child custody, child support, spousal maintenance, and more. Call our office today at 312-884-1222 for a free, confidential initial consultation.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/