Divorce ends a relationship between two people, but it also requires them to separate their finances. Often, resolving the latter issue is far more complicated than resolving the former. A couple who has been married for many years and who shares high net worth assets often has a complex financial picture and extensively intertwined finances.
Unfortunately, the process of asset division only becomes more complicated when one spouse attempts to hide assets or other financial resources from the other spouse. If you believe that your spouse is being dishonest about their finances, contact an experienced Illinois divorce attorney right away.
Why Do Spouses Try to Hide Assets?
Spouses often try to diminish the appearance of their overall financial picture in order to reduce their portion of the divorce settlement and increase their financial resources after the divorce. Other reasons spouses may dissemble about their finances include trying to favorably manipulate their share of child support or spousal maintenance or attempting to hide unrelated financial problems that may be revealed during divorce proceedings.
Generally, the more complex someone’s financial assets are, the easier it is for them to hide or lie about assets during the divorce process. If someone has many investment and bank accounts, rental properties, residential properties, international assets, or businesses, there may be many opportunities to hide the true value of their finances.
How Do Spouses Hide Assets in Divorce?
People can become surprisingly creative when it comes to cheating their spouses out of money. Some of the most common ways spouses hide their finances include:...