In Illinois, spouses have a legal duty to disclose all assets — marital and non-marital — during a divorce. When one party attempts to hide, transfer, or obscure the value of assets, the court may impose serious consequences. Judges have broad discretion to address this type of misconduct, and they often do so with significant financial penalties.
Whether the hidden assets involve secret bank accounts, undervalued businesses, cash-only income, or property titled in someone else’s name, the law allows for both aggressive discovery and decisive remedies. A skilled litigation team of Elmhurst, IL divorce lawyers with experience in tracing assets, issuing subpoenas, and examining financial records can make the difference between a fair outcome and a devastating loss.
The Duty to Disclose
Illinois courts expect both parties in a divorce to participate in full and honest financial disclosure. Under Illinois Supreme Court Rule 213(f), and more specifically within family law cases, each party must file a verified financial affidavit and submit supporting documentation. This includes bank statements, pay stubs, tax returns, and evidence of debts and expenses.