During an Illinois divorce, spouses are asked to disclose detailed information about their assets, income, and debts. This information is needed to make informed decisions about property division, child support, spousal maintenance, and other concerns. Some spouses attempt to hide assets, underreport income, or otherwise falsify financial information in order to manipulate the divorce settlement in their favor. Uncovering financial fraud during divorce is often challenging and complicated – especially if a spouse owns complex assets such as stock options, real estate, trusts, or a business. In many cases, a forensic accountant may work with a divorce lawyer to investigate a spouse’s finances and reveal any deception.
Common Ways Divorcing Spouses Falsify Financial Information
Whether a divorce is settled out of court or through litigation, the terms of the divorce should be based upon accurate, complete financial information. Unfortunately, some spouses try to gain an advantage by misrepresenting their financial situation. Some of the most common ways that spouses hide assets during divorce include:
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