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5 Signs of Hidden Assets in a Divorce Case

Posted on in Divorce

IL divorce lawyerDivorcing spouses may reach an out-of-court settlement regarding divorce issues like property division or the case may go to litigation. Regardless, the spouses will need to divulge detailed financial information about their income, assets, and debts. Without this information, it is impossible to make an informed decision about financial issues during divorce. Lying about financial information on a financial affidavit is against the law, but unfortunately, some spouses do it anyway.

If you are getting divorced, it is important to be on the lookout for signs of financial deception. Failing to disclose full, accurate financial information can significantly impact a divorce case.

Red Flags a Spouse is Lying About Income and Assets in a Divorce

Child support, spousal maintenance, and the division of marital assets and debts are all influenced by the spouses’ financial circumstances. Some spouses try to manipulate the outcome of their divorce by failing to disclose all forms of income, inflating debts or expenses, or hiding assets.

Some signs that a spouse is hiding assets include:

  • Secretive behavior about finances – Divorcing spouses sometimes try to hide financial information from the other spouse. They do not want their spouse to know how much money they really make or how valuable their assets are. Rerouting mail to a P.O. box, changing the username and password for online bank accounts, hiding financial paperwork, and refusing to discuss finances are all red flags.
  • Large purchases – Some spouses buy expensive items just prior to divorce so they can use the items as vehicles for financial deception. For example, a spouse may buy an expensive piece of artwork and then undervalue the item during divorce. The item is sold after the divorce for its actual price. The spouse may also buy items like jewelry and hide them in safety deposit boxes or with family members to shield the value of the item from division during divorce.
  • Loaning money to other people – Does your spouse suddenly claim that they loaned someone a great deal of money? Fake personal loans are often used to shield assets from division during divorce. A spouse may empty a joint account and temporarily transfer the funds to someone else. After the divorce, the person simply returns the money. This prevents the spouse from having to share the funds with the other spouse.
  • Increased cash withdrawals – One of the simplest ways to hide assets in a divorce is to withdraw cash from a bank account and hide it somewhere. A spouse may make multiple ATM withdrawals a week or use “cash back” options at the store to withdraw cash and prevent the other spouse from receiving their fair share.
  • Suddenly failing business – Business owners have even more opportunities to hide assets or reduce income in a divorce. If your spouse claims that his or her business is suddenly failing, he or she may be manipulating business financials to artificially reduce the business’s value during divorce.

Contact a Crystal Lake Divorce Lawyer

If you are getting divorced, contact the skilled McHenry County divorce attorneys at Botto Gilbert Lancaster, PC for help. We have the legal tools and experience needed to uncover shady financial tactics during divorce and get you the divorce outcome you deserve. Call 815-338-3838 for a free consultation.

Source:

https://www.forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets/

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