Are You at Risk for Asset Hiding in Your Illinois Divorce?

 Posted on August 23,2017 in Family Law

In an Illinois divorce, the assets of a couple are valued and then divided equitably. What happens, though, when one of the parties decides they want more than they are entitled to receive in the settlement? In some cases, it could lead to asset hiding. Learn more about the risk of this deceptive practice, including how to tell if you may be at risk and what an experienced divorce lawyer can do to help mitigate against the potential damage.

Disadvantaged Spouses

Disadvantaged spouses are individuals who either do not earn money or have little knowledge of their marital finances. Some are stay-at-home parents or spouses. Others simply choose not to get involved with the financial aspects of their marriage. Regardless of the reason, these spouses are at an increased risk for asset hiding during divorce.

Complex Financial Portfolios

Disadvantaged spouses are not the only ones at risk for asset hiding; those that have a complex financial portfolio have an increased risk as well. What, exactly, constitutes a “complex financial portfolio?” The following marital situations are just a few examples:

• Family-owned businesses,
• Closely held businesses,
• Inheritances,
• Real estate investments,
• Stocks and bonds, and
• Business shareholders.

If any of these situations apply to your marriage, it is crucial that you seek experienced legal assistance with your divorce – and preferably sooner, rather than later.

Domestic Violence and Emotional Abuse

Spouses that are leaving an abusive relationship are at risk for a variety of divorce complications; asset hiding is just one of them. If you are a victim of physical or emotional abuse, it is crucial that you seek guided and experienced legal assistance with your case. Doing so not only helps to reduce your risk of financial loss, but it can also ensure that you and your children are safe during the divorce process.

Are You Experiencing Asset Hiding?

It can be difficult to confirm asset hiding, especially since most spouses start hiding money, long before the divorce occurs. Thankfully, there are some strategies that can help you determine if it may be happening to you. For example, you should talk to your attorney about the possibility of hidden assets in your divorce if:

• You notice recent purchases that could be overlooked (i.e. antiques, adding to a personal collection, etc.);
• Your spouse has a safety deposit box or post office box;
• Underreporting of income on your joint tax returns;
• Recent payments to the IRS;
• Recent debts or loans to friends/family;
• Creation of a custodial account;
• Complaints about stock market changes;
• Locked cabinets; and
• Annoyance, irritation, avoidance, or deflection when you ask about finances.

Contact Our DuPage County Divorce Lawyers

If you suspect or believe you could be at risk for asset hiding in your divorce, contact Mevorah & Giglio Law Offices for assistance. Committed to protecting your financial future, we will take swift and aggressive action in your case. Get started by scheduling a free initial consultation with our seasoned DuPage County divorce lawyers. Call 630-932-9100 today.

Source:

http://www.businessinsider.com/divorcing-women-heres-how-your-husband-will-try-to-hide-assets-2012-9