Disagreements about financial issues are one common issue that can cause a marriage to break down, and these types of disputes are likely to continue into the divorce process. Matters related to money can be difficult to resolve, but under the law, spouses are entitled to a fair and equitable division of marital property, which includes all assets and debts acquired during a couple’s marriage. Unfortunately, some spouses do not agree with this idea, and they may believe that they are entitled to certain assets or that the other spouse should receive less. In many cases, a person will attempt to hide assets to avoid having to divide them with their spouse. If you are concerned that your spouse is attempting to conceal marital assets, you will want to understand how to uncover these activities and bring them to the court’s attention to ensure that your marital property can be divided fairly.
Methods of Uncovering Hidden Assets
Understanding the intricacies of your family’s finances can often be difficult, especially if your spouse has been primarily responsible for managing money during your marriage. By gathering the right information and looking through financial records, you can make sure you know the full extent of the assets you own. Some steps you can take to find out whether your spouse has attempted to hide assets include:
Review tax returns – Looking over the joint tax returns you have filed with your spouse will help you understand the income you have earned and give you an idea of how much savings you should expect to have. This will allow you to identify any discrepancies, as well as foreign bank accounts, real estate holdings, or other investments you may not have known about.
Go over bank statements – One common way that spouses attempt to hide assets is by transferring money to friends or family members or making large purchases with the intent of concealing the items they have bought. By looking over the records from joint or individual bank accounts, you can determine whether any large transfers or expensive purchases have been made recently.
Look into business records – A spouse who owns a business may have multiple ways to conceal assets, including paying wages to nonexistent employees, delaying major business deals until after the divorce, or overpaying taxes with the intent of claiming a large refund at a later date. By looking into a business’s finances, you can find discrepancies and ensure that a business valuation is performed properly during your divorce.
Since financial issues can be complicated, it is often a good idea to work with experts to go over financial records and determine whether your spouse has concealed assets. A forensic accountant can help you uncover these activities and gain a full understanding of the assets you own, ensuring that you will be able to create a marital property settlement that protects your financial interests.
Contact Our DuPage County Asset Division Lawyers
At Calabrese Associates, P.C., our lawyers can help you address issues related to your property and finances, and we will work to ensure that all marital assets are identified and divided fairly and equitably. To get the legal help you need during your divorce, contact our Naperville property division attorneys at 630-393-3111.