Signs Your Spouse May Be Hiding Assets

Signs Your Spouse May Be Hiding Assets

Divorce is always an emotional and legal challenge. While there are a lot of things that can complicate a divorce, few are as universally effective as when one spouse takes it upon himself or herself to hide assets. If you believe your spouse may be hiding assets, it’s time to take action by consulting with a dedicated Illinois divorce attorney who has considerable experience successfully navigating these complicated financial matters. 

Your Spouse Leaves You in the Dark

It’s far easier to hide assets and engage in other underhanded financial dealings related to divorce when one spouse is primarily responsible for the finances. If your spouse took care of your family’s financials and is now – in the face of divorce – keeping financial information from you, consider it a red flag. In order to do the accounting of divorce, you need open access to your family’s full financials, and any pushback should not be tolerated. 

Things Are Missing

An obvious way to hide assets is simply to hide them – physically. The goal here is out of sight, out of mind. If you notice that things of value are no longer around and your spouse is not forthcoming about their whereabouts, it’s time to do some digging (and to discuss the matter with your dedicated divorce attorney). 

Questionable Bank Withdrawals

Our lives are busy, and money has a way of flowing out in all kinds of ways that we generally don’t pay that much attention to. When it comes to divorce, however, it’s time to pay attention, and if your spouse is withdrawing money willy-nilly with no rational explanation, he or she is up to something. 

Hiding behind a Business

There is no more-complicating factor in a divorce than business ownership, and if your spouse has one or runs your family’s business, there is a lot of wiggle room within the business’s books to pull a fast one on your divorce finances. If you notice anything odd about the business’s numbers, it’s time to bring it up with your attorney. Things to be on the lookout for include:

• A woefully inadequate business valuation 
• A precipitous drop in business-generated income
• Any sudden changes in the business structure

A business allows your divorcing spouse considerable leeway when it comes to hiding assets, and deceit of this magnitude generally calls for professional forensic accounting.

Phony Debts through Family Members

Some people will resort to manufacturing phony debts to friends and family members – that will never be paid back – to help keep their assets low and to skew the division of marital assets. If you are hearing about debts for the first time, it’s a good sign that something is up. 

You Need an Experienced Illinois Divorce Attorney in Your Corner

The savvy Illinois divorce attorneys at SAM LAW OFFICE LLC have reserves of impressive experience helping clients like you root out hidden assets – in protection of their financial rights. Learn more about how we can help by contacting us today.