Preventing financial deception in a divorce

| Aug 27, 2019 | Uncategorized

When Illinois couples decide to divorce, their once-loving relationship may have been transformed into something resentful and hateful. Even so, many people simply want to end their marriage as quickly as possible and divide the assets. Others may hatch vast schemes that attempt to keep assets from the other spouse, however. These types of actions are unlawful, and spouses found to be hiding assets may be held accountable by the court or financially penalized. Still, people continue to attempt to conceal assets in hopes of walking away with a financial advantage.

There are several warning signs that could point to a spouse who is hiding assets during a divorce. In the first place, this is far more common when couples have a significant wealth disparity. The higher-earning party is often fully in control of family finances. The other spouse may know little about bank accounts, investments or real estate. He or she may rely on the wealthier party for most information about the state of their affairs. During a divorce, it is important for each spouse to have copies of tax returns, bank statements and other key financial documents as well as full access to marital accounts.

Some people may suddenly start overpaying the IRS or other creditors during a divorce. They may ask for a refund after the settlement is finalized. In other cases, people may start investigating cryptocurrency. Because these accounts may be anonymous and unregulated, it can be difficult for people to find their real value.

There are other techniques that people can use to hide assets, but spouses do have rights under the law. A family law attorney can provide strong representation and work to uncover financial duplicity and aim for a fair settlement on property division and other key matters.

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