Your Family Matters

Is your spouse hiding assets?

On Behalf of | Feb 21, 2024 | family law

One of the most contentious aspects of divorce cases is property division. In Illinois, marital property has to be distributed equitably. This means that each spouse obtains their fair share based on their financial circumstances.

Unfortunately, all parties may not agree on what is fair and what is not. A spouse may attempt to hide assets in the hope that they are not factored into the property distribution process. Not only is this unlawful, but it could mean that you do not receive the divorce settlement that you are entitled to.

How can you tell if your spouse is hiding assets?

Inaccurate claims about income

Prior to the divorce, you and your spouse were relatively well off financially. Business was booming and you each earned a decent income. However, during divorce proceedings, your spouse has claimed that they are not earning much income at all and that some investments have gone wrong.

While this may be legitimate, the timing of it could also raise suspicions.

You’ve been locked out of accounts

To gain a clearer picture of your financial circumstances, you may have attempted to access joint banking and savings accounts. However, to your surprise, your access has been restricted. Your password doesn’t work, which indicates that it must have been changed.

If you’ve been locked out of joint accounts with no warning, this could be a sign that something is amiss.

Any financial irregularities during divorce proceedings could be a sign of hidden assets. It’s important that you act quickly so that the court can be provided with accurate details. Having legal guidance behind you will help to address any concerns you have and ensure a fair divorce settlement.