Divorce gets complicated if a spouse hides assets

| Sep 11, 2020 | High-Asset Divorce |

If an Illinois spouse files for divorce, he or she must resolve numerous issues in order to achieve a fair settlement. If the couple in question has children, top priorities will no doubt include child custody issues, as well as child support. Property division is also an important matter, especially if one spouse suspects the other of trying to hide assets to gain the upper hand in proceedings. 

Illinois is an equitable property state, which means the court does not necessarily have to split marital property 50/50. In order to create a fair division of all assets, full disclosure is required on both sides. It is wise to investigate any matter of concern if a spouse believes his or her ex is not playing by the rules.

A logical first step to take to check for hidden assets is to carefully review all jointly owned bank accounts. If there is money missing from an account, it is definitely a red flag. Overpaying in taxes or on a credit card bill are other common ways spouses try to hide assets in divorce. 

If a spouse was due to receive a bonus in pay from an employer and it does not arrive, the other spouse may want to question why. Asking an employer to hold bonus pay until a divorce is finalized is another way to hide assets in divorce. An experienced Illinois family law attorney can help a concerned spouse look for hidden assets and bring the issue to the court’s immediate attention.

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