In a divorce both spouses are required by law to disclose all of their financial information. However, it is not unheard of for a resentful, soon-to-be ex-spouse to hide assets from the other hoping to deprive them of any advantages post-divorce.
Afraid your spouse has been squirrelling away money prior to asking for a divorce? How can you be sure that he or she is not hiding money or other assets that should be divided as part of a divorce settlement? Well, it may take some sleuthing to uncover assets your spouse is hiding, but it can be done.
A good place to start is with 1040 tax returns dating back several years to see if items on the return match up with the disclosure statement both parties provide as part of the divorce. A tax return will reflect sources of dividends and interest, foreign accounts or transactions, capital gains or losses, and income from various sources. Although, a spouse may be tempted to fudge figures on the divorce paperwork, most are typically less inclined to distort figures when dealing with the IRS.
Beyond looking over tax returns, remember that during the discovery process, a variety of financial records related to assets, liabilities, income or debts can be requested. By looking over all checking and saving accounts, for example, you may uncover sizeable withdraws, transfers or purchases that may signal a problem. Anything financial that is in your spouse’s name can potentially be examined.
Even with documentation in hand, appearances can be deceiving. Your spouse could be making what seems like a repayment of a debt to a friend or relative, only to find out the debt never existed and the funds will be returned after the divorce. He or she could also use his or her business to hide assets by overstating debts or purposefully delaying business deals just to cut you out of the equation. There is no end to the tricks some spouses will try in order to take more than their fair share, so the best approach is to fight fire with fire by hiring an experienced divorce lawyer familiar with uncovering hidden assets.
Suspect Your Spouse Has Hidden Assets?
Contact an Experienced Illinois Marital Asset Division Attorney For Help
Your divorce lawyer can help you uncover the true financial picture so that you receive your fair share of the marital assets and property. If you have concerns regarding the division of marital assets or have questions regarding alimony, child custody or support, or other family law issues, contact Attorney Ronald L. Bell at 847-495-6000. With over 30 years of experience working with clients in Lake county Illinois, Ronald L. Bell & Associates can help you today.