Signs Your Spouse May Be Hiding Assets Before or During Your Divorce

 Posted on July 14, 2022 in Divorce

Hiding assets from a spouse is an unsavory tactic but, unfortunately, it happens frequently in Illinois divorces. The spouse who is the victim of asset hiding often has no idea that it is happening until something seems definitively off during divorce negotiations or discovery. By this point, significant damage may have already been done and it can be difficult to recover cleverly hidden assets. Fortunately, a team of experienced attorneys who have worked with complex cases can often recover hidden assets and ensure the asset division process is fair. Here are five signs your spouse may be hiding assets before or during your divorce. 

Unwillingness To Talk Openly About Finances

A desire for secrecy around finances often begins a long time before a spouse will file for divorce. Unfortunately, many spouses deal with cagey conversations from their partner about financial matters for years before realizing that the unwillingness to be forthcoming stems from the fact that the sketchy spouse is hiding money or assets. 

Suspicious Business Accounting

A business is a perfect place to hide or obfuscate income. Paying nonexistent employees, failing to collect on accounts receivable, or prepaying taxes are just a few ways that people try to hide money from their spouses in their businesses. 

Cash Withdrawals

If large amounts of cash are being taken out of your accounts with increasing or unexplained frequency, your spouse may be hiding physical cash, transferring it to other accounts, or simply giving it away with the intent to collect it later from family or friends. 

Tax Return Errors

If your spouse is underreporting their income on their tax returns, they may be trying to hide it for the purposes of a future divorce. This is especially easy when one spouse is self-employed or is paid in cash. Even if you are not typically involved in filing your taxes, keep a close eye on them and hire an accountant to double-check them if you see anything suspicious. 

Missing Property

Often the last and most obvious sign that assets are being hidden is when property quite obviously starts to go missing. Whether it is valuable jewelry, funds in savings or investment accounts, or fine art, items like this can be easily sold, hidden, or given away. 

Call a DuPage County Asset Division Attorney

A spouse who is set on hiding marital assets often starts long before the divorce begins. For help ensuring you get a fair division of your full marital asset portfolio, call the experienced Wheaton, IL asset division attorneys with The Stogsdill Law Firm, P.C..  We have the tools and skills necessary to investigate incidents of asset hiding and you can learn more about available strategies by scheduling a confidential consultation.  Call us now at 630-462-9500. 

Source: 

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