Make sure you know about all your spouse’s assets

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. 



Read Our

Recent Blogs

What Are Tips for Achieving a Low-Conflict Divorce?

Even if you have a contested divorce that needs to undergo the litigation process, there is still a possibility of little conflict between you…

Read More
What Expensive Personal Items Will be Divided in My Divorce?

There are a lot of assets on the line when it comes to divorce. But aside from dividing real estate, family businesses, bank accounts,…

Read More
What Are Common Gray Divorce Issues in Illinois?

If you and your spouse have decided to go your separate ways later in life and after many years of marriage, then you are…

Read More

Contact Us Today!

  • This field is for validation purposes and should be left unchanged.