Five Places Your Spouse Might Be Hiding Assets During an Illinois Divorce

 Posted on January 06, 2022 in Divorce

Even when both spouses are employed during a marriage, it is not uncommon for only one spouse to manage the family finances. Although this can make things more streamlined while the marriage lasts, it can also make it easier for the spouse who manages the money to hide marital assets that should be divided in a divorce. 

Hiding marital assets is illegal and unethical, and fundamentally violates the principles of the Illinois Marriage and Dissolution of Marriage Act, which places great importance on ensuring marital assets are divided fairly. If you are worried that your spouse may be trying to hide assets in your Illinois divorce, here are five places you might want to look. 

Common Methods of Hiding Assets During Divorce

Although the strategies that people come up with are seemingly endless, here are some of the most common places hidden marital assets are found: 

• Separate personal accounts - Many people mistakenly believe that their personal bank accounts are not subject to scrutiny during divorce. Funds are often transferred slowly over time and spouses may lie about the location of the money, hoping to avoid detection. 

• Purchases of valuable collectibles - Art pieces, antiques, baseball cards, and rare coins can all have significant value and may be more easily hidden than a liquid bank account balance. If a spouse begins purchasing expensive collectibles before or during divorce, be aware that it might be an effort to hide money. 

• Extra tax payments - Many self-employed people or business owners prepay their estimated taxes throughout the year. Divorcing spouses will sometimes try to overpay on their taxes, diminishing the appearance of available cash during the divorce in anticipation of a large refund after filing their taxes the following year. 

• Giving lavish “gifts” to others - If your spouse has suddenly become very generous with their family and friends, it may be a red flag that they are trying to hide assets. People trying to hide money will often give others what appear to be loans or gifts with the expectation that they will be given back after the divorce is final. 

• Safe deposit boxes - Although it is difficult to hide very large sums of money in a physical location, it is still common for spouses to try to physically hide money. Safety deposit boxes in a bank, hidden safes, and other unknown locations may become safe havens for hidden funds. 

Get Help From a Wheaton, IL Asset Division Lawyer

At The Stogsdill Law Firm, P.C., our experienced DuPage County divorce attorneys have seen spouses try to hide assets in many different places. We have an outstanding track record of making sure our clients get their fair share of marital assets and we are prepared to help with even the most complex marital asset issues. To learn more, call our offices today and schedule a confidential consultation at 630-462-9500. 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000