How To Find Hidden Assets During a Divorce 

 Posted on January 23, 2023 in Property Division

 Divorce can be demanding and taxing, especially when there is suspicion of hidden assets. The main reason someone would consider hiding their assets and finances during a divorce would be to minimize any financial losses that a spouse may suffer due to the split. 

Having a divorce attorney by your side can help you uncover important documents and financial records so your divorce settlement is based on accurate financial information. While a spouse may be able to ask for these things alone, there is no guarantee that they will be given truthfully. An attorney can request these documents using discovery tools such as subpoenas and requests for production. If the spouse does not comply or hides anything, they can risk serious consequences. 

Common Ways Spouses Hide Assets

It is not always easy to spot when a spouse may be hiding assets. The following may be signs that a spouse is hiding assets or lying about income during divorce: 

• Hidden Cash - If your spouse has suspected that there may be a divorce in the future, they may have used this time to start making cash withdrawals and hiding that money away. If you suspect that your spouse may be hiding cash from you, be sure to check all your bank account statements and look out for any large cash withdrawals. 

• Purchasing New Possessions - If your spouse begins purchasing expensive items using cash, they may be doing this as a way to easily hide money. By buying high-value items they may be doing this with plans to resell these items after the divorce. 

• Paying Off Family Loans - If your spouse suddenly owes a close family member or friend money, this may be a tactic to “loan” money to someone with the expectation to have it paid back after the divorce. 

• No Reports Of A Cash Income - If you notice that your spouse’s income is suddenly dropping after talking about divorce, they might not be reporting their cash income. Most professions expect people to report their cash payments. However, it is very easy to under-report their earnings. 

• Delaying Bonuses - If your spouse is about to receive a bonus or promotion, they may not want you to get any of this newfound wealth. In this instance, they may ask their boss to delay their bonus or promotion till after the divorce is finalized. If you suspect that your spouse is delaying their bonus an attorney can legally compel the employer to answer questions about the matter. 

• Delaying Salary Payments - If your spouse owns a business there are many ways they can hide assets. They may hold off on getting any big upfront payments, delaying salary payments. They may even create a fake worker and pay the salary of the worker, taking this money for themselves. 

• Custodial Accounts for Children - If your spouse suddenly sets up a custodial account under your child's name, be wary. While this money is meant to go to the child after the divorce is finalized nothing is stopping the parent who created the account from taking money from it. 

Contact A Will County, IL Divorce Attorney 

Divorce is a taxing process to go through, especially if you suspect that your spouse may be hiding assets. It can be difficult to navigate this process and know for sure whether your spouse may be hiding assets or not. Our Naperville divorce attorney will fight hard to get you a fair divorce settlement. Do not let your spouse cheat you out of what you are rightfully owed. Contact us at Law Office of Ronald L. Hendrix, P.C. or call 630-355-7776 for a free consultation. 

Source: 

https://www.ilga.gov/legislation/legisnet91/summary/910SB0761.html