Ten Common Ways Assets Are Hidden During Divorce
Dividing property during a divorce is rarely a simple or pleasant process, but when one spouse lacks the ability to be honest about finances, the process of dividing the marital estate can become a real headache. Unfortunately, these kinds of high-conflict divorces happen all the time, and for the spouse who is left trying to deal with unscrupulous financial behavior, it may be tempting to get the divorce over as quickly as possible just so he or she can stop dealing with their partner.
But rushing through a divorce when one spouse is trying to manipulate money matters can be a major mistake. If your spouse has ever shown an inclination to lie, cheat, or steal financially, you should be on your guard that he or she may try to do the same to you in your divorce. It is important to listen to your gut feeling; if you know or suspect your spouse is hiding assets, you need to get help from an Illinois divorce attorney who knows how to find those assets and protect your financial future.
Where Do Spouses Commonly Hide Assets?
There are many ways that spouses may attempt to hide assets, and, unfortunately, the more financial sophistication someone has, the more complex their efforts are likely to be.
Ways that assets are commonly hidden include, but are not limited to:
- Hidden physical cash
- Gifts or loans to family members or friends
- Prepaid taxes
- Offshore bank accounts
- Undisclosed bank/investment accounts
- Buying expensive items that could be overlooked
- Not reporting cash income
- Deferring salary, contract, commissions, or bonuses
- Custodial accounts in a child’s name
- Stock transfers
- Digital Currency
Getting the appropriate professionals involved is essential for finding and recovering hidden assets. For example, a forensic accountant can comb through an account history to determine whether there are suspicious or unaccounted-for cash withdrawals or transfers; likewise, a business analyst can examine a business’s financial records to determine whether everything adds up. Having the right divorce attorney will ensure you get the help from the professionals you need, and if your spouse is proven to have been hiding assets, the cost of discovering those hidden assets could be deducted from their share of the marital estate and not your own.
Schedule a Confidential Consultation with a Kane County, IL Divorce Lawyer
If your spouse is hiding assets from you, you need the help of a hard-hitting St. Charles, IL divorce attorney who knows how to find hidden assets and will make sure you get your fair share of your marital estate. Do not take chances with your financial future; get help by calling MKFM Law at 630-549-0960 and scheduling a confidential consultation today.