The divorce process is a daunting experience for all parties involved. The Illinois Marriage and Dissolution of Marriage Act provides several guidelines for families to follow, including the distribution of property or assets, to ease the stress of the situation.
However, the process becomes more difficult when you know your spouse is intentionally hiding assets. Illinois law mandates that marital property be distributed evenly between both parties to the divorce. This includes property or bank accounts acquired after marriage. Commonly, spouses attempt to conceal assets or attempt to deflate their income to ensure they pay lower child support or alimony. There are serious penalties for those who try to hide assets during a divorce.
Scenarios When a Spouse May Hide Assets or Deflate Income