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IL divorce lawyerThe two areas that cause the most deliberation in divorce cases is child custody arrangements and the division of assets. Going through your finances and properties can cause ugly sides to come out of divorcing couples. Some will claim that certain assets are theirs alone while others will complain that they are not receiving enough in the division process. In Illinois, all marital assets are eligible for equal distribution between both spouses. This can seem unfair to the spouse that is the primary breadwinner of the house or can cause panic for the spouse that relies on these assets to get by after the divorce. These mix of emotions can cause spouses to make illegal attempts to conceal assets.

Common Hiding Places

Hiding assets is not typically done by putting wads of cash in the cookie jar. There are various common tactics used that can attempt to avoid a paper trail of evidence:

  • Watch Your Bank Accounts: The first place to start your search is your personal and shared bank accounts. Monitoring purchases and monetary movement may give initial proof to your suspicion.
  • Unreported Income: If your former spouse is involved in any form of cash enterprise, they may be pocketing funds without notifying the government for tax purposes. While this can be difficult to prove without professional help, comparing your spending habits to your spouse’s and looking back on your financial situation throughout your marriage can be a start.
  • Debt Payments: Some people will spontaneously owe their friends “debts” then have the friend return the money after the divorce is finalized. This will allow them to set money aside and avoid dividing it with you.
  • Shady Business: If your spouse has their own business, they could be using this to their advantage. Sometimes they will wait to charge clients for services until after the divorce. In other cases, they will pay an “employee” who does not actually exist and file the money into an account that they can access after the divorce.

Seek Professional Help in St. Charles, IL

Locating hidden assets can be extremely difficult for someone who does not have experience doing so. While these may be common places to hide money, there are many others that should be looked at to ensure that you receive your equal share of finances. At Shaw Family Law, we work with an experienced forensic accountant and other financial experts to analyze all possible areas of hidden assets. If you suspect that your spouse could be hiding assets from you, contact our Kane County divorce attorneys at 630-584-5550 for a free consultation.

 

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Illinois divorce lawyerIn an Illinois divorce, the couple’s assets must be divided equitably. This is only possible when both partners are transparent about the assets they own and the assets’ values.

Sometimes, dishonest individuals use their partners’ lack of knowledge about their marital assets to try to keep the assets out of the property division process and leave the marriage with more than their fair share of these assets. If you are thinking about doing this, stop that train of thought. You should not try to hide assets from your former partner in your divorce, and this is why:

Your Former Spouse Can Find the Assets You Hide

If your spouse has a feeling you are hiding assets, he or she can uncover them through some detective work with his or her lawyer and/or a forensic accountant. There is no “safe” way to steal assets from your marital pool – whether you think you can hide assets by transferring them into a custodial account for your child, having a friend “hold” your assets in their account for you, or making cash purchases to liquidate the money in your joint accounts, your spouse can always trace your steps and find the money if he or she is willing to do so.

Your Unwillingness to Cooperate with the Court Can Haunt You Later

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Illinois divorce attorney, Illinois family law attorneyOne of the most technically difficult parts of a divorce can be the dividing of the marital property. Before the work of dividing the assets can even be started, the assets must receive a valuation.

How Marital Property Is Divided

Illinois considers all property, with a few exceptions, acquired after the date of the marriage to be marital property. Unless the two sides come to an agreement on their own, a judge is required by law to divide the property equitably. This means studying all the relevant factors and dividing the property fairly. This does not necessarily mean the property is divided equally.

How Much of the Value of an Asset Is Marital Property?

Some assets, such as a business or retirement account, may have been acquired before the marriage. However, most likely any increase in value to these assets after the date of the marriage may be considered marital property.

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