What Are Some Signs that a Spouse May Be Hiding Assets During Divorce?

 Posted on June 17,2020 in Division of Assets

Finances play a huge role in any divorce. Most married couples have combined their financial lives in such a way that undoing this financial entanglement is often quite an undertaking. Division of assets is especially complicated when the couple owns complex assets such as a family business, real estate, investments, trust accounts, or stocks. High net worth and complex assets such as these also make it easier for a spouse to underreport assets and income. If you believe that your spouse may try to hide assets or lie about finances during divorce, reach out to an experienced divorce lawyer right away.

Methods of Hiding Assets and Underreporting Income

In order for a married couple to fairly divide their marital property and resolve other divorce issues, each spouse must be truthful regarding his or her finances. Unfortunately, some divorcing spouses attempt to manipulate property division, spousal support, and child support in their favor by lying about their income and assets. There are almost countless ways that a spouse may falsify his or her financial information to sway the divorce settlement in his or her favor. He or she may transfer assets from joint accounts to accounts that the other spouse does not know about or even transfer assets to friends or colleagues. Some spouses intentionally overpay the IRS in an effort to shelter funds from being divided during divorce. Business owners may delay invoicing clients, fabricate fake expenses, or significantly underreport business revenue.

Red Flags of Financial Deceit During Divorce

Hidden assets, unreported income, and exaggerated expenses can substantially change the divorce settlement that a spouse receives. Divorcing individuals who have allowed their spouses to handle all of the financial decisions and money management are particularly vulnerable to being taken advantage of in this way. It is possible that your spouse may be hiding assets if he or she:

• Refuses to discuss financial matters with you
• Redirects mail to a private mail drop box or P.O. box
• Insists that you sign documents like tax returns without reading them
• Purchases high-value items such as jewelry and art
• Frequently withdrawals cash or gets cash back using a debit card
• Claims that his or her business is suddenly failing
• Makes financial decisions that are very unusual for him or her

The sooner you take steps to address financial fraud during divorce, the more likely it is that the hidden assets will be uncovered and you will receive the divorce settlement you deserve. This is why it is crucial to work with a divorce attorney who is experienced in finding hidden assets and managing cases involving financial fraud.

Contact an Elmhurst Divorce Attorney

At Weiss-Kunz & Oliver, LLC, we have extensive experience in discovering hidden assets during divorce. We use legal tools such as interrogatories, depositions, and subpoenas, as well as assistance from experts like forensic accountants to unveil the truth and protect our clients’ best interests. To learn more about how we can help you, call our office at 312-605-4041. Schedule a confidential consultation with a DuPage County hidden assets lawyer from our firm today.

Sources:

https://www.huffpost.com/entry/be-smarter-8-ways-your-sp_b_9725510

https://www.forbes.com/2007/11/01/divorce-assets-hiding-pf-estates-in_mb_1101money_inl.html