Where Should I Look for Hidden Assets During My Divorce?
The 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.