Many marital disagreements and eventually divorces are caused by financial issues. This can be amplified during a divorce when matters of property and asset division, spousal support, and child support payments all hinge on correct and complete accounting of the couple’s marital estate. This should include all assets and debts as well as information about both spouses’ income and business value. This can be an even larger issue during a high-asset divorce, including those with substantial investment and retirement accounts.
If you suspect your spouse is hiding assets to prevent them from being divided in your divorce, you need to take action and let your divorce attorney know as soon as possible.
Common Ways of Hiding Assets in a Divorce
Here are some of the most commonly used methods that spouses use to hide assets before or during a divorce:
- Underestimating or underreporting value or income – One of the most common ways that spouses attempt to conceal the true value of marital assets is by underreporting or purposely underestimating their value. This can include financial assets, art and other collectibles, real estate, and the value of a business. They may also misrepresent their salary, bonuses, or other sources of income.
- Hidden accounts – Another common practice is to try to hide assets by using secret accounts or other methods. Spouses may not fully report all financial accounts or set up new accounts to conceal some savings. Offshore accounts and more recently cryptocurrency are common ways to hide assets. They can even try to temporarily transfer assets to sympathetic friends or family members.
- Physically hiding assets – Some spouses will even remove assets from the home or other location to prevent them from being accounted for. This can include relocating safes or safety deposit boxes with valuables or financial statements inside or hiding valuable items themselves. Others may claim that an item was lost or previously sold.
All the methods above are illegal during a divorce case because they involve lying to the court. Anyone who attempts to lie about or conceal marital assets can face serious legal consequences. A divorce attorney may use legal tools to request the production of evidence, depose the spouse under oath, or use financial investigators and forensic accountants to investigate suspicions of bank accounts and business valuation fraud.
Contact a Trusted DuPage County Divorce Lawyer
The experienced Oak Brook divorce attorneys of Botti Marinaccio, LTD. can help you if you suspect your spouse is hiding assets during your divorce. We can investigate and fight for your rightful share of the marital estate. Call us today at 630-575-8585 for a confidential consultation.
Source:
https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce