Common Ways Spouses Hide Assets in Illinois Divorces
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:
- Taking out large amounts of cash and hiding it with, or loaning it to, friends and family
- Underreporting income on tax filings
- Transferring property or stock options to friends, business partners, or “dummy” companies that only exist on paper
- Intentionally paying too much money in taxes that will later be refunded
- Delaying salary increases, new business contracts, commissions, or bonuses until after the divorce
- Buying expensive items and then undervaluing or “forgetting” about them
Although it may be tempting to seek revenge or feel justified in hiding assets from a spouse, doing so is not only unethical but illegal. A spouse caught hiding assets during divorce may end up losing far more money than they ever hoped to save. They may also face other serious consequences like large fines.
Work with a Kane County Hidden Assets Attorney
At Shaw Family Law, P.C., we work with a variety of financial experts to help you uncover hidden assets. If you are considering divorce and are worried that your spouse may be attempting to hide assets or other financial resources, consider working with a St. Charles divorce attorney who can help you pursue the portion of your divorce settlement to which you are entitled. Contact our offices today to schedule your free initial consultation and find out how we can help you. Call us at 630-584-5550.