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Financial dishonesty during a divorce

When some Illinois couples divorce, their once-loving relationship can quickly turn into one of distrust and competition. This can be particularly true when there is a major financial disparity in the relationship along with a significant amount of anger. When only one spouse is aware of the financial details of the relationship, it can seem far too easy for that person to hide assets in order to prevent them from being divided. Of course, this is unlawful, and family courts frown severely on spouses who conceal assets from the proceedings. Of course, hidden assets must first be noticed and brought to the court's attention.

There are several warning signs that could indicate that one spouse is hiding assets in the divorce. Typically, this can only take place when one party has most of the assets in the relationship and also manages the finances. The other spouse may have little knowledge about investment accounts and other funds where family finances are saved. It is important for both spouses to obtain copies of bank statements, tax returns and other key documents. If one spouse suddenly begins to overpay the IRS or other creditors, this could be an attempt to conceal assets. After the divorce is finalized, the overpaying spouse could seek a refund.

A new interest in cryptocurrency might also point to an interest in hiding assets. Because these accounts can often be anonymous and little-regulated, it can be much more difficult to track down these accounts or fully confirm their value.

If one spouse suspects the other might hide assets or otherwise deal dishonestly with family finances, it can be important for people to protect themselves. A family law attorney can represent a divorcing spouse, help to uncover concealed assets and work for a fair settlement on property division and other key issues.

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