Divorce proceedings can bring out the worst in people. It is not uncommon for spouses to hide assets during divorce proceedings – especially during a high-net-worth divorce. Hiding assets is illegal and can lead to serious consequences in a divorce case. Therefore, it is essential to understand why a spouse engages in such conduct. And remember, if you think your spouse may be hiding assets from you, alert your divorce attorney to ensure that any remaining assets can be accounted for to ensure you can obtain a fair settlement.
Why Do Spouses Hide Assets?
While every case is different, the following are of examples of why a spouse may try to hide assets during divorce proceedings, including:
Greed – Some spouses may be motivated to hide assets by a desire to hang onto as many assets as possible during a divorce – which may stem from plain old greed. They may feel entitled to more than their fair share from the joint marital assets, leading them to try and keep them safe from property division in the divorce case.
Revenge – If one spouse feels wronged or mistreated during the marriage and in the divorce proceedings, they may resort to hiding assets as a form of revenge against the other spouse. This often does not make logical sense in the long term, but some spouses may act on pure emotions, leading to mistakes in judgment.
Secrecy and control – Some spouses enjoy having control and power in the marriage.
Denial of a Marital Relationship – In a marriage that begins to break down, one spouse may deny the existence of assets to which the other spouse is entitled. This form of deception may stem from the misguided viewpoint that since the marriage has become to deteriorate, their spouse is not entitled to certain assets. This can lead to feelings of injustice, leading to attempts to hide assets or deny equal settlement for both parties.
The process is still illegal, no matter the motivating factor behind hiding assets. It is normal to have feelings of resentment, grief, and anger during the divorce. However, it is also crucial to remember that the divorce process should allow both parties to leave with their fair share of the marital assets rather than hiding assets, which will likely lead to further litigation and animosity between them.
Contact a DuPage County Divorce Attorney
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Source – https://www.survivedivorce.com/undisclosed-hidden-assets-divorce