5 Signs Your Spouse is Hiding Assets in Your Kane County Divorce

 Posted on January 07,2022 in Divorce

Marriage is about much more than money. However, managing financial issues is often a huge aspect of the marital relationship. Consequently, finances are also a massive consideration in a divorce case. In Illinois, divorcing spouses are required to disclose all assets and income. Unfortunately, many spouses try to gain an unfair advantage by hiding assets. Read on to learn about some of the red flags of hidden assets in divorce and what you should do if you suspect your spouse is lying about property or money in your divorce.

Your Spouse Keeps You in the Dark About Finances

In many marriages, one spouse handles financial issues like investments and paying the bills while the other spouse handles other concerns. Unfortunately, this division of labor can backfire during divorce. If your spouse hides financial documents, changes passwords on online bank accounts, or intentionally keeps you in the dark about finances, this may be a sign he or she is hiding something.

Your Spouse’s Business is Unexpectedly Failing

Business owners have an even greater number of ways to manipulate finances in a divorce. If your spouse owns a business, he or she may try to undervalue the business by changing profit and loss statements, delaying invoices, or increasing prices. If your spouse owned a successful business but now claims the business is failing, this may be a sign he or she is trying to deceive you.

Increased Withdrawals or Other Atypical Bank Activity

One of the most classic signs of financial fraud during divorce is unusual bank activity. Spouses may withdraw funds from one account and move them into a secret account. They may transfer money to friends and family with the understanding that the friend or family member will return it after the divorce. Keep a close eye on your bank statements leading up to divorce and during the divorce process.

New, Expensive Purchases

Another way spouses hide assets during divorce is by purchasing expensive items and undervaluing the item. For example, a spouse may buy art and then report the art’s value as much lower than it is actually worth. After the divorce, he or she simply sells the art piece for what it is actually worth and reaps the profits.

Sudden Appearance of Loans or Debt You Were Unaware Of

If your spouse suddenly reports debt or personal loans, this may be an attempt at hiding assets during divorce. For example, a spouse may say he or she is giving $10,000 to a friend to pay him or her back for a loan. In reality, the spouse is just using the friend as a temporary shelter for the money. After the divorce, the friend simply returns the money.

Contact a Kane County Divorce Lawyer

You deserve a divorce outcome that is based on true, accurate financial information. If you suspect your spouse is lying about finances or hiding assets in your divorce, contact the St. Charles divorce attorneys at Goostree Law Group for help. Call 630-584-4800 for a free consultation.

Source:

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