Signing divorce and marriage dissolution documents. Husband and wife’s hands, wedding rings visible, with legal papers on a wooden surface awaiting signatures.

Is Your Spouse Hiding Assets?

One of the most challenging aspects of any divorce is dividing marital property. This is especially true for couples with considerable assets going through a high net-worth divorce. Like many states, Illinois follows an equitable distribution model when dividing marital assets, which means the court tries to divide property fairly but not necessarily 50/50.

Unfortunately, divorce can bring out the worst in people. The prospect of losing financial security or feeling like they’re not getting their fair share can drive some individuals to desperate measures. If you suspect your spouse is hiding assets, you must address the issue head-on.

Read on to learn of signs that your spouse could be hiding marital assets and how you can protect yourself and your interests. For specific advice about your situation and to get the legal help you need to ensure you get your fair share, contact a family lawyer skilled in asset division near you for a confidential consultation.

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The Importance of Financial Transparency in Divorce

Man and woman’s hands pulling euro bills, symbolizing the division of marital property during a divorce.

Illinois law requires financial transparency during the property division process. Both parties must provide a full and accurate disclosure of their assets, debts, income, and expenses. This transparency is essential for ensuring a fair division of marital property and determining appropriate spousal or child support.

Unfortunately, some individuals attempt to skirt these obligations by hiding assets. This deceptive practice can take many forms, from understating income to overstating debts. The motivations might vary, but the result is the same: an unfair advantage that could leave you shortchanged in the divorce settlement.

Common Signs of Hidden Assets

If you’re concerned your spouse may be hiding assets, look for any of the following signs:

Unexplained cash withdrawals: If you notice large sums of money disappearing from joint accounts without explanation, it could be a red flag. Your spouse might be squirreling away cash to avoid splitting it during the divorce.
Sudden changes in spending habits: Has your spouse suddenly become unusually frugal or started making extravagant purchases? Both extremes could indicate attempts to hide or dissipate assets.
Secretive behavior about finances: If your partner has always been open about money matters but now guards financial information closely, it might be cause for concern.
Transferring assets to friends or family members: This tactic involves “gifting” valuable items to trusted individuals with the intention of reclaiming them after the divorce is finalized.

Methods to Hide Assets

The concept of property division. A couple arguing, raising their voices, and yelling at each other in conflict over assets.

Spouses can use a variety of tactics to hide marital assets, including:

Underreporting income: Some individuals might manipulate their income reports, especially if they’re self-employed or receive cash payments.
Overpaying the IRS and creditors: By overpaying taxes or credit card bills, your spouse could create a cushion of refunds or credits to collect after the divorce is over.
Delaying bonuses or raises: If your spouse controls their compensation structure, they might defer income until after the divorce to keep it out of the marital pot.
Creating fake debts: Fabricating loans to friends or family members can make it appear that there’s less money to divide.

Legal Consequences of Hiding Marital Assets in Illinois

As mentioned, hiding marital assets is illegal and can have grave consequences:

Impact on property division: If the court discovers hidden assets, it can significantly impact the final property division. The judge may award a larger portion of the marital estate to the wronged spouse as compensation.
Potential penalties and sanctions: Hiding assets is considered fraud on the court. Offenders may face serious consequences, including fines, payment of the other spouse’s legal fees, and even criminal charges in extreme cases.

How to Uncover Hidden Assets

Whether you’ve seen warning signs or suspect your spouse is hiding assets, there are things you can do to find out:

Review financial documents: Carefully examine tax returns, bank statements, credit card bills, and other financial records. Look for discrepancies or unusual patterns.
Hire a forensic accountant: These professionals specialize in uncovering financial deception. They can analyze complex financial data to reveal hidden assets or income streams.
Use the discovery process: During divorce proceedings, you have the right to request financial information from your spouse. This legal process can unearth valuable details about assets and income.
Contact an attorney: A family lawyer will have the knowledge and resources to help you uncover hidden assets and hold your spouse accountable.

How an Experienced Illinois Family Law Attorney Can Help

In a divorce setting, a judge's gavel and law book on the desk represent the seriousness of the situation as the couple seeks resolution in court.

If you suspect or have evidence your spouse is hiding assets, you need a family law attorney to guide you on the best course of action and advocate for you when necessary.

A lawyer can inform you of your rights under Illinois law and ensure your spouse doesn’t take advantage of you during the process. They’ll know what questions to ask, what documents to request, and how to interpret complex financial information.

Your attorney can employ various legal tools to uncover the truth. They can issue subpoenas for financial records, depose your spouse under oath, and work with forensic accountants to follow the money trail.

Moreover, an experienced attorney understands the local court system and judges. They can present your case effectively, arguing for a fair division of assets based on the full financial picture–not just what your spouse wants you to see.

A skilled attorney can level the playing field and protect your rights to help ensure you receive your fair share of the marital assets.

Contact Our Illinois Alimony Attorney Today

If you’re facing a divorce in Illinois and have concerns about hidden assets, don’t wait to seek help. At Manassa Law, P.C., we understand the stress and uncertainty you’re experiencing. Our team is committed to protecting your rights and fighting for your financial future.

We offer a free, confidential consultation to discuss your unique situation. During this meeting, we’ll listen to your concerns, answer your questions, and provide an honest assessment of your case. We’ll explain how we can help uncover any hidden assets and ensure a fair division of property.

We’ve gained a reputation for our dedication to our clients and our deep understanding of Illinois family law. We’ve successfully helped hundreds of clients throughout Northern Illinois, and you can rely on us to guide you through this difficult time with compassion, skill, and unwavering advocacy.

Don’t let fear or uncertainty hold you back. Take the first step towards protecting your financial future by contacting Manassa Law, P.C. today for your free consultation.

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Larry Manassa

Attorney at Manassa Law, P.C.

Lawrence Manassa, (Partner), is a highly skilled litigator with 30 years of trial experience. He has a proven record of success through hundreds of trials. Still, Lawrence understands that litigation is not always in his client’s best interest, and is also proficient at collaborative law and mediation. Lawrence is a former Assistant State’s Attorney in Cook County and is on a very select list of Court approved Child Representative in both Cook and McHenry County.