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Fighting for the financial information you need during divorce

| Jun 25, 2020 | Firm News

The terms of your final divorce order matter. They will determine many aspects of your life going forward, including your financial health and stability. It’s critical for your future to make sure you have a fair agreement that allows you to have security going forward, but this is difficult to do when the other party is actively working to keep you from your fair share of marital property. 

One way this can happen is by attempting to hide assets. One spouse may withhold certain financial information in order to keep more money or retain more assets. This will make it difficult to get your fair share. Complete financial disclosure is crucial to a fair property division order, and you may have to fight for this information during your divorce.

Finding hidden assets

You may suspect your spouse is hiding assets, but you may not know for sure. This can be especially difficult to figure out if you did not handle the finances during your marriage. Each spouse must provide full disclosure of his or her assets, debts, income and other pertinent information, and this is often the first clue something is wrong. In going over these documents, you may see that something is missing. After that, you can:

  • Compare all of the documents you have and then request additional information from the other party. Don’t forget to check for all accounts, including Bitcoin accounts, long-term savings and retirement funds.
  • Request an involuntary disclosure, which is when the court compels the other party to answer financial questions openly and honestly. This may be the only way to get the information you need.

It’s complicated when you suspect hidden assets in your divorce. You may not know where to begin with protecting your interests and fighting for a fair and sustainable agreement. This is why it is helpful to work with an experienced Illinois attorney from the very beginning of your divorce process.

Your financial future

There is a lot at stake in your divorce. Before you agree to terms or make choices that will impact your future, you may want to speak with an experienced legal ally regarding property division concerns. If you suspect hidden assets, you have the right to pursue all of the information you need to make smart and informed decisions for your long-term financial interests.