Couples who are going through a divorce in Illinois must make sure they are aware of all the assets and income the other spouse has. Unfortunately, some spouses hide assets so they do not have to divide them up during divorce proceedings. This is especially true in high-asset marriages. Legally, each spouse needs to fully disclose what he or she has, but it also helps to know how to look for assets the other side may try to hide.
According to FindLaw, both parties must voluntarily disclose all assets, which may include bank accounts, vehicles, real estate, businesses, bitcoin accounts, artwork and jewelry. If one side thinks the other spouse is hiding something, he or she can make a formal request in which the other must answer everything honestly. Related financial paperwork may be estate documents or tax returns.
HuffPost Life discusses some ways that spouses hide assets. These include:
- Safe-deposit boxes
- Offshore accounts
- Transferring money to friends or family to hide
- Investment accounts
- Stock brokerage accounts
These days, professionals can find hidden assets quite quickly by using technology such as analysis software, spy apps or by looking through social media accounts. It is important to ask the right questions and conduct the right search in order for the court to honor the discoveries. That is why hiring an experienced attorney and, oftentimes, a financial investigator to help with the investigation is imperative, especially in a high-asset divorce.
While some spouses may doubt their partners are hiding anything, it may help to realize that in 66% of marriages, someone is hiding money or assets. Most of it is fairly easy to find when knowing where to look.
