Finances have a tremendous impact on divorce. Without accurate, up-to-date financial information, it is impossible to negotiate a fair divorce settlement. This is why each spouse is required to complete a financial affidavit during the first stages of the Illinois divorce process. Unfortunately, not every spouse is truthful when filling out the affidavit. Spouses may lie about their income, assets, debts, and expenses in order to sway the divorce settlement in their own favor. Doing this is not only unethical, it is also unlawful. An experienced divorce attorney can help protect your rights to marital assets.
Hiding Assets By Transferring Funds
One of the easiest ways to hide money during a divorce is to simply move the funds into a bank account that the other spouse is not aware of. A spouse who wants to artificially lower his or her net worth may transfer money from joint accounts into separate accounts. He or she may even transfer assets to a friend or relative with the understanding that the loan is temporary and that the money will be returned after the divorce. Another way spouses may try to transfer money under the radar is by getting cash back on everyday purchases like groceries. Doing this once or twice will not make a major impact, but over time, thousands of dollars may be transferred into cash this way.
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