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Dividing property during a divorce can be stressful, especially when one spouse suspects the other of hiding money or assets. In Illinois, each spouse is legally required to fully disclose their finances during the divorce process. Unfortunately, some people attempt to conceal assets to avoid sharing them. If you suspect your spouse is keeping marital assets from you, a Wheaton, IL divorce attorney can help you uncover the truth.
Several red flags may suggest your spouse is trying to hide money or property. One common tactic is transferring funds to a friend or family member temporarily. Some spouses might also open secret bank accounts or overpay taxes with plans to collect a refund after the divorce. Others may suddenly claim their business is losing money or undervalue assets.
Unusual financial behavior can be a sign that your spouse is hiding assets. This might include large cash withdrawals, refusing to share financial documents, or suddenly changing passwords to shared accounts. Other red flags include hiding mail, opening new accounts without telling you, or making financial decisions without your knowledge.
To uncover hidden assets, you may need to:
Review financial records: Examine tax returns, bank statements, investment accounts, and credit card bills for inconsistencies or unexplained activity.
Use discovery tools: Illinois courts allow formal discovery, including subpoenas and depositions, as outlined in Illinois Supreme Court Rule 201, to gather evidence and question your spouse under oath.
Hire a forensic accountant: These professionals can trace hidden funds, uncover false expenses, and evaluate business records for signs of concealed income.
Inspect business finances: If your spouse owns a business, look for delayed billing, inflated expenses, or suspicious vendor payments that may signal hidden income.
Illinois law says both spouses must be honest about all money and property during a divorce. Under 750 ILCS 5/503, everything that counts as marital property must be shared fairly. Hiding any of it breaks the law and can lead to serious trouble. The court can also step in under 750 ILCS 5/501 to stop either spouse from moving or spending money before the divorce is final.
Illinois courts aim to divide property equitably, not necessarily equally. Full disclosure is key to making sure both spouses get a fair outcome. Attempting to conceal assets not only violates the law, but it can also backfire badly during the divorce process.
If the court finds that your spouse intentionally hid assets, there can be serious consequences. The judge may award a greater portion of the hidden asset, or even other marital property, to you. In some cases, the court might reopen a divorce judgment if hidden assets are discovered later.
Hiding assets can make your spouse look untrustworthy in court. This might affect decisions about spousal support or parenting time. Judges take lying about money seriously and can punish it by ordering your spouse to pay your attorney’s fees or other penalties.
If you suspect your spouse is hiding assets, the Wheaton, IL divorce lawyer at Davi Law Group can help you take legal steps to uncover hidden assets. Attorney Dion U. Davi brings extensive courtroom experience to each case, having served several years as an Assistant State’s Attorney in DuPage County.
He has earned recognition as an Illinois Super Lawyer since 2015 and has also been honored as a Leading Lawyer by Law Bulletin Media. With a strong reputation for professionalism and results, Attorney Davi is prepared to protect your financial future. Call 630-657-5052 to schedule your free consultation today.