One of the most crucial aspects of a divorce case is the disclosure of financial information. Without a full and accurate accounting of a couple’s assets and liabilities, it is difficult to make fair decisions regarding property distribution, child support, and spousal maintenance. If you are considering divorce and you or your spouse have a high net worth, the stakes are even higher. Identifying and evaluating the assets, income, and revenue are key to ensuring that the terms of your divorce are based on factual financial information.
Common Methods Spouses Use to Falsify Financial Information in a Divorce
Per Illinois law, spouses are entitled to an equitable share of the marital estate in a divorce. Before the marital estate can be divided, an inventory of each spouse’s assets, income, and debts should be made. One of the first steps in any divorce case is financial disclosure. Some divorcing spouses “forget” to include sources of income or assets on their financial affidavits. Others actively hide assets by transferring the asset to a friend or colleague or physically hiding cash or valuables in safety deposit boxes or around their home. Business owners may alter business records, delay invoices, or temporarily lower prices to create the illusion of a failing business.
If it is discovered that a spouse lied about financial data in an attempt to gain an unfair advantage during divorce, the innocent spouse may be awarded a larger share of the marital estate. The spouse who lied may even be held in contempt of court....