A divorce can be complex, with many issues to resolve. Some couples argue over money, especially as it relates to child support or spousal maintenance. In high-asset divorce cases, one spouse may deliberately try to hide funds in an effort to keep them from the other spouse. That is why it is important to seek professional legal counsel to make sure you are not being taken advantage of during the proceedings. Hidden assets can be uncovered in several different ways with the help of a forensic accountant, as well as an experienced divorce attorney.
Ways in Which a Spouse May Hide Marital Assets
There are certain ways your spouse can be deceitful if he or she does not want to share a portion of the marital assets. One of the most common ways to hide assets is to transfer them to a new bank account that is only in your spouse’s name. Hidden assets may also include other acts, such as using dinners as a business expense or tax write-off. Undervaluing a piece of property you own together is another way to conceal funds.
Below are a few examples of the means through which marital assets may be hidden:
- Tax returns
- Bank accounts
- Business expenses
- Retirement plans
- Fake debt
An Attorney and a Forensic Accountant Can Help
When determining if your spouse is hiding assets, a professional forensic accountant can help with the discovery process. This accountant, along with your attorney, can look for suspicious activity such as wire transfers to unknown persons or a secret investment portfolio. Here are a few practical steps to take to protect yourself financially during your Illinois divorce:
- Check hiding spots (house, vehicles, safety deposit boxes).
- Search for unusual online activity.
- Keep track of your bank account or credit card statements.
- Consider business expenses.
The court may also order your spouse to undergo a deposition. During this legal procedure, he or she must answer questions about the marital assets under oath, and it is usually recorded. If it is proven that your spouse did not disclose all financial information during your divore, he or she may be ordered to pay you your share of the assets. For instance, if your spouse hid $40,000 in marital assets, the judge may order him or her to pay you $20,000. In some scenarios, continuing to hide assets can result in jail time.
Contact an Algonquin Divorce Attorney
Some divorces may be more complicated than others depending on the circumstances that led to the end of the marriage. If you suspect your partner may be concealing marital assets from you, it is imperative that you speak to an experienced divorce attorney to make sure your rights are protected. Our qualified Elgin hidden assets lawyers will work with you to uncover any assets your spouse may be trying to hide from you. Call our office today at 630-200-4882 to schedule your free consultation.