Three Ways Your Spouse May Hide Money in Your Illinois Divorce

 Posted on May 07, 2024 in Asset Division

When navigating an Illinois divorce, splitting assets in an equitable manner is crucial to the dissolution of the marriage process. But what if your spouse is not as forthcoming about his or her finances as you are? There are three common methods your spouse may use in an attempt to hide assets in your divorce. Understanding these tactics can ensure that, if your spouse does attempt to hide assets, you can be ready to identify his or her deceitful actions and make sure they do not influence your final divorce decree and damage your financial future.  

The knowledgeable attorneys at Goostree Law Group are ready to defend your rights throughout your divorce and ensure your spouse does not get away with any deceitful actions during the divorce process, such as concealing assets. With more than 80 years of combined experience, clients can trust that we know the law and are ready to fight for them.

Tactic 1: Secretly Transferring Assets

A common manner in which spouses hide assets during the asset division process is by transferring assets to someone they trust, such as a family member or friend. People doing this will make this transfer with the hidden intention of reclaiming the hidden assets at a later date. This act dishonestly reduces the value of marital assets and can result in one of the spouses walking away from the divorce with more than his or her fair share of assets.

These kinds of transactions can be hard to spot, which makes it essential that you keep a vigilant eye out for actions such as large cash withdrawals or strange transactions, as these kinds of actions may constitute an attempt to hide assets.

Tactic 2: The Secret Retirement Account

Retirement accounts are typically a considerable piece of marital assets. If your spouse manages to make you unaware of the existence of such an account or its true balance, he or she might succeed in keeping a notable fraction during the asset division process.

You may become suspicious if your spouse discusses retirement plans that do not align with known financial assets. A sudden interest in retirement plans can also signal something amiss. An experienced divorce lawyer can assist in uncovering undisclosed accounts or the actual balance in known accounts to ensure a fair distribution. 

Tactic 3: Hiding Cash

Hiding cash can be a red flag that a spouse is concealing assets. This type of behavior can hint at possible financial wrongdoings, ultimately signaling an intent to shield information about one’s actual financial situation. The hiding of cash may be a factor in divorces where there is significant disagreement between issues, and one spouse feels inclined to wrong the other spouse in revenge. 

Contact Our DuPage County, IL Divorce Lawyer for a Free Case Evaluation

To ensure your divorce can be as financially transparent as possible, contact the respected Wheaton, IL divorce attorneys with Goostree Law Group. Call 630-364-4046 for a complimentary consultation today.