Is Your Spouse Lying About Assets In Order to Manipulate Your Divorce Settlement?

 Posted on January 23, 2020 in Divorce

Divorce represents both the end of a romantic relationship and the end of a financial relationship. Illinois laws regarding property division, child support, and spousal maintenance are designed to be fair and reasonable so that neither spouse suffers serious financial harm. However, in order for these laws to be applied accurately, divorcing spouses must be truthful about their debts, assets, income, and expenses.

In some cases, a spouse may fabricate financial data in order to gain a divorce settlement that is biased toward him or her. This is especially common in situations involving a spouse who owns a business, has complex investments, or who has traditionally made all of the financial decisions in a marriage. If you are worried that your spouse may lie about finances in order to gain an unfair advantage during divorce proceedings, speak to a divorce lawyer as soon as possible.

Ways Your Spouse May Attempt to Hide Assets

One of the most common ways a spouse attempts to gain an unfair financial advantage during divorce is by making his or her assets or income appear less than they actually are. There are several ways that a spouse may do this. He or she may fail to report certain sources of revenue such as business revenue or income from complex investments, hide assets in overseas accounts, transfer property or lend money to friends, overpay the IRS, or otherwise create the illusion that he or she is worse-off financially than he or she actually is. The spouse may also overstate debts or fabricate expenses in order to influence the divorce settlement in his or her favor.

Finding Hidden Assets

If you have reason to believe that your spouse will try to hide assets or otherwise lie about finances during divorce, you need to talk to a lawyer as soon as possible. During the divorce process, you will have an opportunity to go through “discovery.” Discovery generally involves written interrogatories, or formal questions designed to determine the true facts of the case, depositions, formal requests for documents, inspections of financial data, and more. An experienced lawyer will be able to look for inconsistencies and evidence of deception in this and other information so that you receive a divorce settlement that is based on the true financial picture and not a lie.

Contact an Illinois Hidden Assets Lawyer

You deserve to receive a divorce settlement that is fair. For help uncovering hidden assets during divorce, contact an experienced Rolling Meadows divorce attorney at Cosley Law Office. We know the tricks that dishonest spouses use to attempt to sway the divorce settlement in their favor and how to combat these tactics. Call us at 847-253-3100 today to schedule a free, confidential consultation.

Sources:

https://www.huffpost.com/entry/be-smarter-8-ways-your-sp_b_9725510

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