What Can I Do If My Spouse Is Hiding Assets in Our Divorce?

 Posted on September 24, 2021 in Division of Assets

Even under the best of circumstances, asset division is one of the most difficult and complex aspects of the Illinois divorce process. This is especially true when a couple has a high net worth and has money invested in complex assets that may be difficult to value. Sometimes, one spouse will take advantage of this and hide marital property in an effort to reduce their spousal maintenance or child support payments and to reduce the amount of marital property they have to split during the asset division process. This is unethical and illegal.

Fortunately, there are effective measures available for discovering hidden marital property. Financial experts such as forensic accountants can assist an experienced divorce attorney in the process of finding and valuing marital assets so the asset division process can be done equitably. If you believe your spouse may be trying to hide assets, here are some things you can do.

Hire Professional Help

In addition to your divorce attorney, there are experts who specialize in tracing hidden assets. Private investigators, forensic accountants, and business evaluation experts are commonly involved in helping spouses recover marital assets that have been fraudulently transferred, sold, or otherwise hidden. Let your team of professionals do the hard work of finding assets so you can focus on other things.

Gather Evidence

Before confronting or accusing your spouse of hiding assets, document evidence as best you can (while making sure you do not break the law yourself, such as by illegally recording phone conversations). Account for valuable assets in a home before a divorce by making a video and writing down an inventory.

Gather any financial records that may prove useful in the divorce in case your spouse attempts to hide or lie about them. Tax returns, pay stubs, bank account statements, and records of bills and other expenses can all help you develop your case. So can affidavits from friends, family members, or coworkers who have knowledge of a spouse’s suspicious or illegal financial behavior.

Seek Legal Protection

Spouses may file for protective orders that prohibit spouses from dissipating or deliberately and flagrantly spending marital finances. You can petition to have bank accounts or other assets frozen, have a spouse removed from the home, or request certain financial documents to be produced.

Spouses should always consider their safety when confronting a partner with evidence of hidden assets. People who feel cornered or accused can be unpredictable and hostile. Rather than acting as a private detective yourself, leave these things to a team of experts who can help you.

Work with a DuPage County Marital Property Lawyer

At Calabrese Associates, P.C., we understand the importance of the contributions you have made to your marriage and will fight to ensure you receive the portion of the marital property to which you are entitled. If your spouse is hiding marital property, we will do whatever is necessary to help you find it. Schedule a confidential consultation with one of our experienced Naperville divorce attorneys by calling us today at 630-393-3111.

Source:

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