Common Techniques for Hiding and Discovering Marital Assets

 Posted on February 10, 2016 in Hidden Assets

When an individual believes that a divorce is unavoidable, he or she may panic. As a result, he or she may try to hide money or assets to avoid losing them in the divorce. If your spouse is playing games with your family finances, it then puts you at a disadvantage. However, there are teams of experts who are trained to detect fraudulent financial activity in a divorce, and to find missing assets.

How Spouses Try and Hide Money and Assets

There is no end to the creativity of people looking to try and hide money from their spouse and their spouse's attorney. Sometimes they spend months withdrawing money from checking and savings accounts and depositing the money into secret accounts. A spouse may also try and buy expensive items such as jewelry or art that can easily be transported and hidden, hoping to cash in those assets later after the divorce is final.

Another common technique is to transfer assets, even property, into the name of someone else before the divorce. The plan is for the person to then "give" the assets or property back after the divorce. Other times a spouse may just try and lie about the value of property, assets, income or accounts.

How to Find Hidden Money and Assets

You are the first line of defense in preventing your spouse from hiding money or assets. The more familiar you are with your family's finances the more difficult it will be for your spouse to try and make them disappear.

You also play a key role in finding hidden assets. If after your spouse discloses his or her financial position you feel that something is not right, you need to tell your attorney. You may have also noticed unusual spending habits in the weeks and months before the divorce.

Attorneys often use experts, such as forensic accountants, to look through financial data for clues about missing money. A forensic accountant may be able to spot unusual patterns in the financial data that indicate your spouse has been moving money and assets around to hide the true value of the marital estate.

Your divorce attorney also plays an important role in uncovering hidden assets by aggressively pursuing all of your spouse's financial documents. Attorneys can additionally ask probing questions under oath in depositions. Sometimes, even when a spouse is lying, attorneys can unwittingly reveal information that leads to the discovery of hidden assets.

Consult With a Skilled Illinois Divorce Lawyer Today

If you are concerned about hidden marital assets, or have any other divorce questions, please contact a skilled DuPage County divorce attorney right away. Find out how to best protect your rights. Call The Stogsdill Law Firm, P.C. today at 630-462-9500.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000