How to Address Hidden Assets in Divorce

4 Aug
2021

Marital property division plays an important role in divorce proceedings. Getting the total amount you are entitled to impacts your ability to recover from a divorce, now and in years to come. Unfortunately, it is not uncommon for one spouse to attempt to hide assets from the other to avoid having to split them. Find out how our Chicago divorce attorneys can help you address this problem. 

Marital Property Division and Hidden Assets in Divorce

Over your time together, you and your spouse may have accumulated a significant amount of property or assets. Under the Illinois Statutes, anything purchased, earned, or otherwise acquired over the course of your marriage needs to be divided equitably between the both of you in the event of a divorce. 

Marital property and assets in a divorce includes homes, cars, furniture, other household belongings, antiques, and any type of collectible. It also includes money in bank accounts, investments, shares in businesses and retirement benefits. Factors that influence how property is divided include: 

• Each party’s individual income;
• The amount of pre-marital assets they possess;
• Their contributions to the marriage and in accumulating the assets;
• Their role in either dissolving assets or depreciating their value. 

To avoid splitting them in divorce, a spouse may attempt to hide assets. They may sell or give items away with the intent to re-acquire them once the divorce becomes final or simply fail to disclose them to their partner or on financial declarations filed with your divorce. 

Where to Look for Hidden Assets

To address hidden assets, you need to conduct a thorough search. Do a thorough inventory of all property you own and search bank accounts, looking for anything that might be missing or large withdrawals. Common places to look for hidden assets in divorce include: 

• With family members: Your spouse may have moved certain property to their home temporarily. 
• In the mail: Be alert for any unfamiliar statements or other business correspondence addressed to your spouse alone. 
• Through local taxes: A quick review of tax records through the local county treasurer’s office can reveal sales transactions and real estate or other property your spouse may be attempting to hide. 
• Past tax returns: Looking over past tax returns filed with the Internal Revenue Service can reveal hidden bank accounts, retirement benefits, or sources of income you are not aware of. 

Get Our Chicago Divorce Attorneys on Your Side

At the Women’s Divorce and Family Law Group, Our Chicago divorce attorneys can help you in taking the steps needed to identify hidden assets in your divorce. To ensure you get the maximum amount you are entitled to in any settlements or final orders, get our team on your side.  Call or contact our office online and request a consultation today.

0

0

There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.