Why Would a Spouse Want to Hide Assets During a Divorce?

 Posted on April 27,2023 in Division of Property

Divorce can be complicated and challenging, particularly when dividing significant marital assets. In Illinois, marital property is subject to equitable distribution, meaning it must be divided fairly, not necessarily equally, between spouses. However, in some cases, one spouse may attempt to hide assets to avoid having them included in the property division. If you believe your spouse is trying to hide assets from you, do not hesitate to contact an experienced attorney to help ensure your rights are protected and that a fair settlement can be pursued.

Here Are the Reasons Why Someone Would Want to Hide Assets During a Divorce

Many reasons exist as to why someone would want to hide assets, including:

• To keep more money – One of the most common reasons a spouse may want to hide assets during a divorce is to keep more money. By hiding assets, a spouse can avoid having them included in the division of property, which may result in a larger share of the marital assets. For example, a spouse may transfer funds to a secret account or transfer ownership of a valuable asset or property to a friend or family member.
• To avoid paying spousal support – Another reason a spouse may want to hide assets during a divorce is to avoid paying spousal support. Spousal support is a financial payment from one spouse to the other after the divorce. If a spouse can hide assets, they may be able to argue that they do not have the financial means to pay spousal support.
• To protect assets from debt or creditors – In cases where a spouse has significant debts or owes money to creditors, they may attempt to hide assets to avoid having them seized or used to pay off the debt. This can be particularly common in cases where a spouse has a business or other complex financial holdings.
• To punish the other spouse – In some cases, a spouse may want to hide assets during a divorce to punish the other spouse. This can be a contentious and emotional issue, and financial motivations may not drive it. For example, a spouse may hide assets to get back at the other spouse for perceived wrongs during the marriage.

Contact a Rolling Meadows Divorce Attorney

If you believe your spouse is hiding assets, call the experienced Arlington Heights divorce lawyer with Law Offices of Donald J. Cosley. Call 847-253-3100 for a free consultation.

Source - https://www.survivedivorce.com/undisclosed-hidden-assets-divorce