Divorces can be emotionally challenging and stressful experiences for anyone involved. However, the difficulties can escalate when you discover that your spouse is attempting to hide assets. While Illinois law mandates full financial disclosure during divorce proceedings, some individuals may still try to conceal assets to avoid their inclusion in the property division process. If you suspect that your spouse is hiding assets during your Illinois divorce, it is essential to take certain steps to protect yourself and ensure a fair settlement.
Signs Your Spouse May Be Hiding Assets
Identifying whether your spouse is hiding assets is not always straightforward. However, certain indications can serve as red flags. For instance, if your spouse suddenly withdraws significant amounts of money from joint accounts or transfers funds to other undisclosed accounts, it might suggest an attempt to conceal assets. Other signs to watch out for include:
- Changing passwords or restricting access to joint accounts
- Refusing to provide financial documents or details about accounts
- Being evasive or dishonest about their financial situation
- Claiming financial losses due to investments or gambling
- Overpaying taxes with the expectation to receive a refund after finalizing the divorce
If you notice any of these signs or anything else that raises suspicion, it is crucial to consult with a lawyer to address your concerns.
Steps To Take If You Suspect Your Spouse Is Hiding Assets
If you suspect that your spouse is hiding assets, there are several proactive steps you can take to safeguard your interests:
1. Retain Legal Counsel
Engaging the services of an experienced divorce attorney with expertise in asset division is paramount. A lawyer can guide you through the legal process, ensuring your rights are protected every step of the way.
2. Organize Your Financial Records
To effectively uncover hidden assets, it is essential to gain a comprehensive understanding of your own financial situation. Assemble all relevant documents such as bank statements, investment records, tax returns, and any other records relating to your income and assets. This thorough documentation will help identify discrepancies or missing information that may be indicative of hidden assets.
3. Demand Financial Disclosure
Both parties involved in an Illinois divorce are obligated to disclose comprehensive financial information. You can directly request this information from your spouse, or alternatively, your lawyer can initiate the discovery process to obtain the necessary documents. Discovery enables both parties to request and obtain information and documentation from each other, including financial statements, tax returns, and bank records.
4. Enlist the Aid of a Forensic Accountant
Should you suspect hidden assets, it may be advantageous to hire a forensic accountant to assist in identifying any inconsistencies or undisclosed assets. Forensic accountants possess the expertise to meticulously analyze financial records, uncovering any evidence of fraudulent activities. Additionally, they can aid in asset valuation and provide expert testimony if required during legal proceedings.
5. Explore Mediation as an Alternative
If effective communication with your spouse remains possible, mediation may be a viable alternative to a court battle. With the assistance of a mediator, you and your spouse can resolve concerns related to hidden assets and reach a fair and equitable agreement.
6. Seek Legal Recourse
If your suspicions are substantiated and your spouse is found to have concealed assets, there are legal remedies available. Depending on the unique circumstances of your case, you may be entitled to a larger portion of the marital estate or other forms of restitution.
Conclusion
Divorce is always a challenging and emotional process, which is further complicated when one spouse attempts to hide assets. Should you suspect your spouse of such actions, it is crucial to act swiftly to safeguard your interests and ensure a just settlement. Retaining the services of a qualified attorney, organizing your financial records, demanding financial disclosure, enlisting the aid of a forensic accountant, considering mediation, and seeking appropriate legal remedies will enable you to protect your future and secure your rightful assets.