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DuPage County divorce lawyersRecently, the Internal Revenue Service (IRS) announced that they intend to probe the private UBS accounts of 4,000 taxpayers. While one can only speculate how many of them are currently engrossed in a divorce, odds are, a healthy number of them could be trying to hide money from both the government and their spouse. 

Those who are discovered stand to lose a lot. 

In addition to the possibility of federal tax evasion charges and a loss or depreciation of their assets to cover back taxes, dishonest parties may lose a significant portion of their divorce settlement, as judges often penalize them by giving the disadvantaged party an additional award. Unfortunately, only a small percentage of divorcing parties may be probed by the IRS this year. 

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Wheaton divorce lawyersBack in 2015, a groundbreaking study determined that some 7.2 million Americans are hiding money or lines of credit from their spouses. If you think that statistic is alarming, consider how many of those same couples will ultimately divorce (current statistics suggest a little less than half). Then contemplate whether a spouse is more likely to hide assets in divorce if they did so in marriage. Could you be at risk for asset hiding during your divorce? Learn how to protect yourself from such practices, and discover how an attorney can help you fight for your fair share.

Signs and Symptoms of Asset Hiding

To find hidden assets, you must first determine if you may be at risk. Look for strange business behaviors, secretive practices, evasiveness, and overall defensiveness anytime money is discussed. Also, watch for any signs of overseas travel, new sales or purchases (including strange, odd, or even seemingly low-value items), loans, sudden or frequent business trips, gifts to family and friends, and other uncharacteristic practices or behaviors. Be especially alert if you have a high net worth marriage or are a disadvantaged spouse (meaning you earn less than your spouse or do not earn any of your own money). Couples that have a business as a part of their marital estate (joint, or single-owned) should also be extremely conscious of strange or out-of-character behaviors or practices, including any that may pertain to the business itself.

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