What if You Discover Hidden Assets During Your Divorce?

hidden assetsIn a 2014 survey, one in three people admitted to “cheating” financially on their spouse. It could be anything from hiding bills from their spouse to lying about how much money they make or how much debt they have, to something as big as hiding assets from their spouse. But everything tends to come out during a divorce, so what do you do if you’re in the middle of divorce proceedings and you suddenly discover hidden assets?

Tell Your Lawyer

If you hired a good divorce attorney, your attorney will attempt to find any hidden asset(s) during the discovery phase of the divorce proceedings. You will work closely with your attorney to review the financial discovery from the other party to see if anything appears off or suspicious.  If the attorney finds anything suspicious, they’ll know the next best steps to take from there. It could be anything from asking the judge for more time for the discovery process to filing a motion to have your spouse held in contempt of court. There are many reasons people hide money and assets during a divorce, but it’s against Illinois law, and depending on the circumstances, people who do so risk contempt of court and even perjury if they lied under oath about the hidden asset. That means they may have to pay some hefty fines and might even serve some jail time.

If you happen to find out about the asset on your own (for example, if you find a misplaced bill or bank statement), then the first thing you need to do is inform your lawyer so they can determine the next steps to take.

Look for the Warning Signs

If you think your spouse may be trying to hide money from you or the divorce court, here are some things to look for:

  • Overpaying taxes – some people do this so they can collect a large refund after the divorce has been finalized.
  • Delaying raises or bonuses – some people ask their employers to hold off on raises or bonuses until after their divorce is final. If your spouse had mentioned they were expecting a raise or bonus that never came and they suddenly stopped talking about it, that would be something to investigate.
  • Putting property in someone else’s name – if it looks like they gave away a lot of money or sold an asset for much less than it was worth, that’s suspicious behavior that should be investigated, especially if the person who now “owns” it is a friend or family member of your spouse.
  • Suspicious business holdings – if one of their business accounts suddenly received a large amount of cash, they could be using it to try to hide money they don’t want to get divided up in the divorce.

Regardless of the methods used to hide money or assets, doing so is always against the law and can come with severe penalties in an Illinois divorce court. Whether your spouse is trying to hide assets so they don’t get divided up along with the rest of the marital property, or so they don’t go into the child support and/or spousal support calculation, you’ll need an experienced Illinois divorce attorney on your side.

The attorneys at Sherer Law Offices have been providing legal representation for real estate cases, criminal cases, and all types of family law for more than 25 years. Our experienced divorce attorneys will take the time to really listen to your unique situation so that they can plan strategies that can best protect your best interests. 

The choice of a lawyer is an important decision and should not be based solely on advertisements. See additional disclaimers here.