Where to Look for Hidden Assets During Divorce

 Posted on November 15, 2019 in Asset Division

Financial issues are some of the most commonly-cited reasons for divorce. In some cases, one spouse may not have believed in overspending, while the other spouse was comfortable with leaving a balance on the credit card every month. In other situations, spouses may have disagreed about how much to spend on daily necessities or luxury items. Whatever the reason for the financial mismatch, tensions can increase when the decision to get a divorce is made. It is not uncommon in a marriage for one spouse to be the “go-to” spouse for all things money-related. In situations like these, it can be tempting, and rather easy, for that spouse to conceal or hide assets in hopes that they will not have to share them with the other spouse.

Protecting your finances during your divorce is extremely important, because it can dictate your financial health for the rest of your life. Even if you were the spouse in the marriage who did not handle the majority of the finances, you will want to make sure you are receiving your fair share of assets in the divorce. If you suspect your spouse might be hiding assets from you, here are a few ways you can uncover them:

Start With the Tax Returns

The first place you should begin looking for any financial wrongdoing is on your tax returns. If the tax returns contain itemized deductions, scan through them and see if anything jumps out. For example, a deduction for property taxes can reveal a hidden property. You should also pay attention to capital gains and losses, which can help you discover hidden real estate or stocks and bonds.

Fake Debt Repayments Can Be a Sign

If your spouse has a lot of money in a checking or savings account, they might claim that they have to pay certain debts and set aside the cash to keep later. Often, this “debt” is paid to a friend or family member with the agreement that the money will be given back to the spouse after the divorce is over. If you notice a mysterious debt payment that you have no previous knowledge of, it is important to take note of the discrepancy.

Check All of Your Bank Accounts

You should look through the statements from all of the accounts you know about, including your joint checking and savings. Look for any large or unusual purchases or transfers. Your spouse could be using cash to buy expensive assets while planning to underreport their value. Do not forget to check other bank accounts, such as custodial accounts. Your spouse could use your child’s social security number to set up an account in their name and funnel cash into it.

A DuPage County Divorce Attorney With Experience Uncovering Hidden Assets Can Help

At the Goostree Law Group, we understand the importance of making sure you get your fair share of the marital estate. How your property and assets are split during your divorce can make or break your financial future. Some people may not even realize that there is a possibility of their spouse hiding assets from them, while others may have a hunch that their spouse is not revealing all of their income, assets, and property. Whatever the situation, our Wheaton, IL divorce lawyers have more than 80 years of combined family law experience, and we can help you make sure you are getting the assets you deserve. Call our office today at 630-364-4046 to schedule a free consultation.

Sources:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/#700077e36fd1

https://www.wife.org/ss-hiddenassets.htm

https://www.liveabout.com/ways-to-find-hidden-assets-during-divorce-1103106