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DuPage County family law attorney, spouse is hiding assetsThe 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

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hidden assets, DuPage County divorce attorneysIf you are currently working through the divorce process, you will likely have to work out a fair division of your shared property with your spouse. This is because, under the Illinois Marriage and Dissolution of Marriage Act, Illinois is an equitable distribution state, rather than a community property state. In an equitable distribution state, the court must determine a fair way to divide property between divorcing spouses, rather than a completely equal one.

Property division can only work when the court has a clear picture of the divorcing couple's complete net worth. When an individual hides some or all of his or her assets to avoid sharing them through a divorce, these assets are known as hidden assets. The process through which a spouse may have his or her former partner's hidden assets brought to light is known as discovery.

Hiding Assets from One's Spouse

Any type of asset can be hidden. Examples of hidden assets include the following:

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