Divorcing Spouses May Hide, Transfer, or Undervalue Assets During Divorce 

 Posted on August 30,2022 in Divorce

A crucial aspect of divorce is financial disclosure. Spouses must list their assets, income sources,  and debts. This allows the court to divide property fairly and determine child support and spousal support payments. Unfortunately, some divorcing spouses attempt to hide assets, transfer ownership of property to others, or undervalue their assets in an effort to keep more money for themselves. Some only report part of their income in hopes that they will pay less child support or spousal maintenance. This is unlawful. 

If you are going through a divorce, it is important to be vigilant for signs of financial deception. Whether your divorce is resolved through a negotiated settlement or the courts, the outcome should be based on factual financial information.

Ways Spouses Conceal Assets and Income During Divorce

There are many ways that divorcing spouses try to conceal assets and income. Some common methods include:

• Hiding money in offshore accounts

• Transferring ownership of property to friends or family members

• Underreporting income from a business

• Overstating expenses

• Hiding or selling valuable assets

• Creating false debts

Signs a Spouse May be Trying to Deceive You and the Courts About Finances

When spouses fail to disclose all of their property and income sources, this can influence the divorce dramatically. If you are getting divorced, look out for signs that your spouse may be hiding assets, including:

• Unusual activity in bank accounts or investment accounts

• Unexplained changes in lifestyle or spending patterns

• Sudden purchase of expensive items

• Title changes for property that is owned by the divorcing couple

• A spouse who is suddenly less cooperative than usual during the divorce process

If you believe your spouse is hiding assets, it is important to take action. You may want to consult with a divorce attorney to discuss your options and how to proceed. In some cases, it may be necessary to hire a forensic accountant to help uncover hidden assets.

If your spouse is caught hiding assets, the court may penalize him or her by awarding you a larger share of the marital property or ordering your spouse to pay your attorney's fees. In some cases, a judge may even hold a spouse in contempt of court.

Contact Our Rolling Meadows Divorce Lawyer for Help 

Arlington Heights divorce attorney Donald J. Cosley can help you find hidden assets and undisclosed income sources so your divorce outcome is based on the truth. Call Law Offices of Donald J. Cosley at 847-253-3100 for a free consultation. 

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/