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Tag Archives: finding hidden assets

Wheaton divorce attorneysWhen it comes to money, some spouses will stop at nothing to keep more than their fair share in a divorce. Offshore accounts, cryptocurrencies, and foreign real estate are just some of the tools that sneaky spouses use to hide money.

Sadly, only so much can be done to track down the missing money in a divorce - and even a skilled team of professionals have their limits. The money does sometimes surface after the divorce has been finalized, however. Learn what options you may have in such a situation in the following sections, and discover what our seasoned divorce lawyers can do to assist you. 

Following the Money Trail - When Clues Resurface After the Divorce is Finalized 

Most deceptive spouses think only about the immediate situation; rarely do they consider what might happen if you discover the hidden assets once the divorce has been finalized. As such, they may begin to relax their spending habits once the proceedings are over, giving you the evidence you need to reopen your divorce case.

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Wheaton divorce attorneysDivorce can bring out the worst in people. In fact, some spouses are willing to go so far as to illegally hide money from their spouses to keep more for themselves. This act, known as asset hiding, can leave one party financially disadvantaged - and not just during and immediately after the divorce. The impact of asset hiding in a divorce can last a lifetime. Thankfully, disadvantaged parties do have the law on their side, and if appropriate measures are taken, they can still obtain a fair settlement during their divorce. 

The Law and Hidden Assets in Divorce 

Under Illinois state law, any assets acquired during the marriage are considered part of the marital estate. If the couple goes through a divorce and no prenuptial document is in place, the total value of those assets is calculated. The entire marital estate is then distributed “equitably,” or fairly between the parties. Fair holds a different meaning for everyone, however, which is why spouses sometimes attempt to hide money during the divorce process. 

As an example, consider the spouse with a young but growing company. They may have achieved their success because their partner stayed home to care for their toddler, but once the divorce proceedings start, they may begin to feel as though the stay-at-home parent is not entitled to that money because they did not financially contribute to the couple’s marital estate. As such, the spouse may attempt to hide some of the money from their spouse. The law may see things differently, however. The courts might consider the stay-at-home parent’s time with the children as a non-financial contribution that entitles them to a portion of the business’s earnings. 

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Illinois divorce lawyersWhile most spouses embark on their divorce with no malicious intent, there are others who attempt to “get even” before they have even told their spouse that they want to separate. Some do this by running up debt, taking out new lines of credit under their spouse’s name, and intentionally dissipating their marital assets. Still, there are some who cash out an investment account, such as their pension plan or retirement account, and then spend or hide it to keep it from being added to the marital estate. Learn how to deal with this challenge in your Illinois divorce, and discover how the assistance of a seasoned divorce attorney can improve the final outcome of your case. 

Tracking Down the Missing Money

Most partners who remove money from their pension or retirement account to avoid having it added in the divorce will allow a great deal of time to lapse before divulging their desire to divorce. The reason for this is simple: by waiting, they hinder your ability to track down the missing money. However, it may still be possible to determine whether they spent the money or are simply trying to hide it. In most cases, there is a paper trail or large and frivolous purchases. Financial experts and a seasoned attorney can help you in this step by providing you with support, assistance, and valuable knowledge and resources. 

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DuPage County divorce lawyers, finding hidden assetsAs the relationship between a couple starts to fall apart and divorce appears to be imminent, one spouse may be tempted to hide assets and income to avoid distribution with the other spouse in a disposition of marital property. Alternatively, one spouse may conceal property in order to have it excluded when a court determines child support or spousal maintenance.

Whatever the motivation, the practice of hiding assets is unlawful in Illinois and there are consequences. However, you may wonder how it is even possible to recover property when your spouse has gone to great lengths to conceal relevant information. Fortunately, there are strategies for addressing these challenges and ensuring an equitable property division in divorce.

Discovery

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
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Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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