Marital property: Is your spouse trying to hide it?

| Jun 26, 2020 | High-Asset Divorce |

When an Illinois married couple decides that their relationship is no longer sustainable, it typically sparks a series of decisions that must be made. If the couple has minor children and a spouse files for divorce, issues involving custody, visitation and child support must be resolved in order to achieve a settlement. In a high asset divorce, a spouse who wants to have the upper hand in property division proceedings may try to hide marital property to keep it away from the other spouse.

If a spouse suspects that this might be happening, he or she should remember that hiding assets in divorce is illegal. It is also important to learn more about the most common ways people attempt such schemes. In fact, some spouses literally start stashing cash in various hiding spots, such as under a mattress, in a drawer, between the pages of a book or in a strong box.

In the past, some spouses have hidden marital property by overpaying on a credit card balance. It is not uncommon for a bank to refund the money by issuing a check. The spouse in question can then cash the check and hide the money. Some spouses go to outlandish ends to keep an ex from obtaining property during division proceedings, such as a man who hid diamonds in his father’s prosthetic leg.

An Illinois spouse who suspects that his or her ex is not fully disclosing marital property in divorce or is engaging in activities to hide valuables or cash may wish to reach out for support from an experienced family law attorney. Such an attorney can help investigate the situation. An attorney would also know how to bring the matter to the court’s attention.

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