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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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How Are Hidden Assets Discovered During an Illinois Divorce?

Posted on in Divorce

Hinsdale property division attorney

The division of assets is often one of the most complex aspects of a divorce case. Whether spouses negotiate their own property division agreement, or the court makes a decision on their behalf, a fair asset division arrangement can only be reached when both spouses are honest and forthcoming about their finances. However, spouses are not always as truthful as they should be. Some divorcing spouses may attempt to influence property distribution during divorce by withholding or falsifying information. If you are getting divorced, and you are worried that your spouse may lie about financial information in an attempt to avoid sharing these assets, an experienced divorce attorney can help you uncover this type of deception.

Start Preparing Now by Copying Financial Documents

You may be in the very beginning stages of the divorce process. Perhaps you have not yet even filed for divorce. However, it is never too soon to start preparing. One of the best things you can do to protect your right to a fair division of property is to educate yourself about your financial situation. Read over important financial documents so that you can have a full understanding of the assets that you and your spouse own. These documents will provide valuable insight into your family's finances, and they may also be crucial pieces of evidence in the event that your spouse attempts to conceal assets from you. It is important to make copies of:

  • Individual income tax returns

  • Business income tax returns

  • Loan applications

  • Bank and credit card statements

  • Trusts and other estate planning documents

  • Stock portfolios

  • Retirement account statements

  • Life and health insurance policies 

  • Any other documents that deal with assets, income, or debt

Your attorney will be able to use these documents to investigate your family's and your spouse’s financial situation and take note of any differences between the data gathered and the financial information being reported by your spouse during the divorce process.

Gathering Information During the Discovery Process

During the discovery phase of your divorce, you and your spouse are required to make a full financial disclosure to each other of your marital and non-marital assets and the income you earn. If you believe your spouse is not being honest about finances, your attorney may use a variety of methods during the discovery process to reveal the truth. Your lawyer may formally request certain documents and information from your spouse through “interrogatories” and “requests for admission.”  If necessary, subpoenas may be used to obtain financial records from banks or other organizations. You and your spouse may also be asked to participate in oral depositions. During a deposition, you and/or your spouse will have to answer certain questions under oath. If your spouse does not comply with requests for information or answers questions dishonestly, the court may impose a “sanction.” A sanction may require your spouse to pay certain fines, or it may involve a judgment being made against your spouse regarding a particular issue.

Contact a Cook County Divorce Lawyer

If you have reason to believe that your spouse may try to hide assets or otherwise falsify financial information during divorce, you need an attorney who will fight for your right to a fair property division. At Botti Marinaccio, LTD, we have helped many clients uncover financial deception, and we can work with you to ensure that you receive the divorce settlement you deserve. Call us today at 630-575-8585 to schedule a confidential consultation with an accomplished Hinsdale divorce attorney to discuss your concerns.

 

Sources:
https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/
https://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce/

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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