5 Signs of Financial Deception During Divorce

 Posted on August 22, 2022 in Divorce

In Illinois, both spouses have a legal right to an equitable share of marital property. Some couples are able to negotiate the division of marital assets and debts without the court's involvement. Others take the case to trial and let the court decide an equitable division of assets.

Before spouses can divide property, they must take a full account of what they own and what they owe. Unfortunately, some divorcing spouses try to deceive their spouse and the court about the true value of their assets. Here are five signs that your spouse may be hiding assets or lying about finances during your divorce.

Red Flags to Look for During Your Divorce

The law requires spouses to provide a complete accounting of assets and income during a divorce. Failure to disclose assets or lying on a financial affidavit during divorce is unlawful and can greatly impact the divorce outcome.

Signs that a spouse plans to manipulate the divorce in his or her favor through financial deception include:

• Abrupt changes in lifestyle or spending habits - If your spouse has always been a frugal spender and suddenly starts living extravagantly, it could be a sign that he or she is trying to hide assets.

• Unusual or hidden bank accounts or investments - Your spouse may try to open new bank accounts or make investments in his or her name only. This is often done in an attempt to keep money hidden from you and the court.

• Sudden transfer of assets - If your spouse transfers ownership of property, such as a house or car, to a friend or family member, it may be an attempt to keep the asset hidden from you.

• Lack of documentation - Your spouse may claim that he or she does not have access to important financial documents. This could be a sign that he or she does not want you to see what is contained in those documents.

• One spouse is suddenly secretive about money - If your spouse has never been particularly transparent about finances and suddenly becomes evasive or tight-lipped about money matters, it could be a sign that they're hiding something.

Contact our St. Charles Divorce Lawyers

Our Kane County divorce attorneys believe that you deserve a fair share of the marital estate during divorce. Our team often works with accountants and other financial experts to find marital assets that have been withheld from our clients.

Call 630-584-4800 to schedule a free consultation to learn more about how we can help you.

Source:

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