How to Uncover Hidden Assets in an Illinois Divorce

 Posted on April 13, 2021 in High Asset Divorce

In Illinois, parties to a divorce are often required to complete a financial affidavit. A financial affidavit is a legal document used to declare the income, expenses, assets and property, and outstanding debts of each spouse. Parties to a divorce have a basic duty to make full and transparent financial disclosures.

Unfortunately, not everyone plays by the rules. If you believe your former partner is hiding assets, your rights are being violated. Fortunately, there are tools you can use to help uncover property and assets that are being improperly concealed by your spouse.

How Do I Know if My Spouse is Hiding Assets?

Divorce cases involving hidden assets are notoriously complex. The spouse who is playing by the rules faces a significant challenge: How do you find the assets that your spouse is hiding? After all, if your spouse is trying to hide money or property to keep it out of the divorce, they are not going to make it easy to locate.

You may not even be sure if your spouse is actually hiding assets at all. In many cases, people have a general feeling that something is wrong or that money is missing. A divorce lawyer with experience handling concealed asset cases can help you determine the best course of action.

Four Tools to Uncover Hidden Assets

Broadly speaking, there are four main legal tools that family law attorneys can use to help you uncover hidden assets in a divorce case. These tools include:

• Review, analysis, and assessment of financial records - Expert analysis is often a great place to start. A forensic accountant can review the documents you have to figure out if all of the numbers add up and to examine whether something might be missing.

• Demands for production of financial documents - Your spouse is supposed to turn over key financial documents and records during your divorce proceedings. If they have not done so, a lawyer can make specific demands during the discovery period.

• Depositions conducted under oath - The discovery period can also include a deposition of your spouse, during which an attorney can ask financial questions. Answers must be truthful, or your spouse could be subject to perjury charges.

• Subpoenas of records held by a third party - Finally, in some complex hidden asset cases, financial documents and records may be subpoenaed from third parties, including banks and other financial institutions.

Contact Our St. Charles Divorce Attorneys

At Goostree Law Group, our attorneys have extensive experience handling high net worth divorce cases. If you have questions about uncovering concealed assets in a divorce, we are available to help. Call our experienced Kane County high asset divorce lawyers at 630-584-4800 for a free, no-obligation initial consultation.

Source:

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

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/?sh=569bdb8e6fd1