Divorce is complicated at the best of times, but if your divorcing spouse is attempting to hide assets in pursuit of a bigger piece of the financial pie, it makes things that much more challenging. You wouldn’t be the first person to be flabbergasted by your spouse’s financial antics – the stress of divorce can bring out the worst in the person whom you thought you knew inside and out. If you suspect that your soon-to-be-ex is hiding assets, discuss your concerns with a dedicated Chicago divorce attorney who has considerable experience successfully guiding complicated cases like yours toward beneficial resolutions.
Illinois is an equitable distribution state, which means that those assets you, your spouse, and/or you and your spouse together acquire while you are married are deemed marital property. In the event of divorce, these marital assets must be distributed between you equitably (or fairly in relation to wide-ranging relevant factors).
Those assets that either of you brings into your marriage with you and keep separate throughout will remain separate, but maintaining the separate nature of an asset after many years of marriage can be exceptionally difficult to accomplish. Further, any increase in the value of the separate property, such as a business or a retirement account, can be deemed marital property. The bottom line, however, is that you cannot address the fair or equitable division of marital property if your spouse is engaged in the business of hiding assets.
If your spouse handled the finances in your marriage, it leaves him or her in a far better position to hide assets in your divorce. Of course, not every divorcing spouse will stoop to such a level, but there are some telltale warning signs that you should be on the lookout for, including:
Other warning signs include frequent cash withdrawals, unusual financial activity, paying off suspect debts, and more. There are a lot of ways to hide assets in a divorce, and The New York Times even shares a story regarding a businessman who allegedly tried to hide $400 million in anticipation of his divorce.
There are a lot of ways to hide assets in a divorce, but the Chicago divorce attorneys at WARD FAMILY LAW are well positioned and well prepared to get to the bottom of the matter and to help skillfully protect your financial rights throughout the legal process. To learn more, please don’t wait to contact us today.
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