How to Tell if Your Spouse is Hiding Assets During an Illinois Divorce

 Posted on January 20,2021 in Asset Division

For every divorcing couple, there will always be at least one issue that is likely to be contentious and cause issues during negotiations. For some couples, issues involving the children, such as the allocation of parenting time and parental responsibilities, can cause tension and difficulty. For others, the asset division process can be this source of tension. The financial side of divorce is extremely important to pay attention to, as it can greatly affect your individual finances for years into the future. Some people may even go as far as to attempt to hide certain assets from their spouse in the hopes that the asset will not have to be split upon divorce. Purposefully concealing income and other assets from your spouse during a divorce is illegal and can prevent a fair distribution of marital assets.

Hidden Assets and the Asset Division Process

Obviously, one of the issues that would be affected by your spouse hiding assets is simply how the assets are allocated between the two of you. Illinois law states that all marital property is to be divided in an equitable manner among both spouses, but marital property cannot be divided if it is concealed. Here are a few signs to look for that may indicate that your spouse is concealing assets:

• Your spouse insists on maintaining complete control over the finances and access to online bank accounts.

• Your spouse intercepts all correspondence from the financial institutions or has that mail sent to a PO box.

• Your spouse demands your signature on financial documents or rushes you to sign documents without reading them.

• Your spouse suddenly starts making large purchases, such as vehicles, artwork, or antiques.

• Your spouse withdraws large and frequent amounts of cash from your joint bank account with no explanation.

Contact Our DuPage County Hidden Asset Divorce Lawyer Today

With all of the technology and tools that are available today, it is extremely difficult for a person to get away with hiding marital assets, especially if they are showing signs that they did so. At the Goostree Law Group, we understand how important it is to your current and future financial wellbeing to get a fair allocation of marital property. Our skilled team of Wheaton, IL property division attorneys has more than 80 years of combined family law experience, and we are ready to put it to use for you. To schedule a free consultation with one of our lawyers, call our office today at 630-364-4046.

Sources:

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

https://www.huffpost.com/entry/be-smarter-8-ways-your-sp_b_9725510

https://www.forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets