Is Your Spouse Hiding Assets During Your Divorce? 3 Ways to Get Your Fair Share

 Posted on April 08, 2022 in Divorce

The division of assets and debts is a crucial aspect of any divorce case. Unfortunately, with the breakdown of trust in a marriage, one spouse may feel entitl​​ed to the lion’s share of assets in a divorce—and may even begin concealing some property to protect it from division. Obviously, the better picture you have of those assets, the better your chances of a fair and equitable property distribution. These three strategies will help you get what you are entitled to in your divorce.

Get Professional Legal Help

If discovering hidden marital property seems like an impossible task, you may be right—if you attempt it on your own. This is absolutely the time to call in the professionals, starting with an experienced divorce attorney. From there, specialists like a forensic accountant, private investigator, and business evaluation expert can assist your attorney in recovering marital assets that have been fraudulently hidden, sold, or transferred. Therefore, once you have documented what you can, leave the heavy lifting to your team.

Start Building an Asset Roadmap

There is a lot you can do to begin documenting evidence, even before the forensic team starts rolling. (And preferably before you confront your spouse, or accuse them of hiding assets.) It may be a good idea to:

• Document the assets in your home with a written inventory and a video.

• Gather whatever financial records you can, such as tax returns, bank statements, pay stubs, recorded bills and other expenses, investments, mortgage documents, and business records.

• Get affidavits from friends, family, or coworkers who know of or suspect any suspicious illegal financial actions.

Watch for these common concealment strategies spouses may use during divorce:

• Hiding cash or valuables at home or in a safe deposit box.

• Giving money to a trusted friend to hold until after the divorce.

• Making fake debt payments that will be returned later.

• Overpaying taxes now to get a large refund after the divorce.

• Concealing assets in a business by paying fake employees’ salaries, making false business-related “purchases” of nonexistent goods or services, or delaying the receipt of clients’ payments

Protect Yourself Legally

Your attorney can help you take the steps necessary to protect yourself legally during divorce. Your attorney may suggest:

• Getting a temporary restraining order to freeze bank accounts and other marital assets.

• Having your spouse removed from the home if necessary.

• Requesting relevant financial documents using formal discovery tools like interrogatories or requests for production.

Contact a DuPage County Marital Property Attorney

Under Illinois law, you are entitled to leave your marriage with a fair and equitable share of your marital property. At Calabrese Associates, P.C., we have the experience to help you get everything you are due, and we will assist you in uncovering any attempts by your spouse to subvert the property division process. Call our office today at 630-393-3111 to meet with one of our skilled Naperville property division lawyers to discuss your case.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000