What Are My Options if My Spouse Is Hiding Assets During Divorce?

 Posted on December 17,2020 in High Asset Divorce

Getting a divorce will require spouses to address many different legal and financial issues, and this process can become very complicated, especially in cases where a couple has a high net worth. Sometimes, a spouse may try to take advantage of the complex nature of these proceedings and attempt to unfairly influence the division of marital property by hiding certain assets from their partner. If you believe that your spouse is concealing assets from you or is otherwise refusing to meet their legal obligations during the divorce process, you will want to work with an experienced divorce attorney to determine how to proceed.

Common Methods of Concealing Marital Assets

A spouse may attempt to hide money, property, or other assets because they do not think their former partner should receive certain items, or they may do so out of an attempt to make things more difficult for the other spouse. A person may also believe that they should receive a greater share of the marital estate because they earned the majority of the family’s income. However, attempting to illicitly claim assets outside of the standard procedures for dividing property is illegal. All of a couple’s assets, including their marital property and the separate property each spouse owns, should be disclosed during the divorce to ensure that all aspects of the couple’s financial situation are considered when dividing marital assets.

Some ways that a spouse may attempt to conceal marital property include:

• Hiding cash, valuables, or other items inside the family home or in another location, such as a safe deposit box.

• Transferring funds to a friend or family member to hold until after the divorce is completed.

• Paying off false debts to others while planning to have this money paid back to them at a later date.

• Overpaying taxes with the intent of receiving a large refund after the divorce has been finalized.

• Using a business to conceal funds, such as by paying a salary to an employee that does not exist, claiming to use money to make business-related purchases without actually receiving any goods or services, or delaying the receipt of payment from clients until after the divorce has been completed.

To determine whether a spouse has concealed assets, a complete review should be performed of all of the family’s financial information, including tax returns, bank statements, investments, mortgage documents, and business records. In some cases, a forensic accountant can assist with this process and review all relevant financial records to uncover irregularities and identify any assets that were not disclosed correctly. To prevent the concealment or misuse of marital assets, a spouse may ask for a temporary restraining order to freeze the couple’s assets until a complete picture of the family’s finances can be obtained.

Contact Our DuPage County High Net Worth Divorce Lawyers

At Calabrese Associates, P.C., our attorneys can provide the legal help you need when addressing the assets you own, and we will help you identify any attempts by your spouse to subvert the property division process. We will advocate on your behalf to ensure that you receive a fair and equitable share of your marital estate. Contact our Naperville divorce attorneys at 630-393-3111 to learn more about how we can help with your case.

Sources:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/?sh=2114fcea6fd1

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm