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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers
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Oak Brook divorce attorney dissipation of assets

It is no secret that money is the source of countless marital arguments. Many married couples fight about finances because one of the spouses made purchases or accumulated debt without the other spouse’s knowledge. Spouses may also hide assets or income from the other spouse. If you and your spouse are considering divorce, and there has been a history of financial deception in your marriage, you should be aware of the ways that this may impact your divorce.

Almost Half of All Married Couples Admit to Hiding Debt

Most people would agree that honesty is a critical component of a healthy marriage. However, a surprising number of married spouses have admitted to being dishonest when it comes to money. Approximately 41 percent of adults admit to hiding bank accounts, spending habits, or debts from their partners. This so-called “financial infidelity” or deceitful behavior can lead to dramatic consequences, including the end of the marriage entirely.

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Burr Ridge high-asset divorce attorney

As a general rule, the more wealth and property a married couple has, the more complicated their divorce will be. Divorces involving a family business, multiple real estate properties, 401ks, pensions, royalties, offshore accounts, deferred compensation, investments, stocks, trusts, and other complex assets are often especially hard to navigate. One issue that anyone undergoing a high asset divorce should watch out for is hidden assets. If you have reason to suspect that your spouse may be lying about financial information during divorce, speak with a knowledgeable divorce lawyer as soon as possible.

Red Flags of Financial Fraud

In order for a couple to reach a fair divorce settlement, each spouse must be fully transparent regarding his or her income, property, and debt. Decisions regarding property division, child support, spousal maintenance, and other issues are heavily influenced by the spouses’ financial circumstances. When a spouse does not fully disclose his or her assets and income for the purposes of skewing the divorce settlement in his or her favor, this is considered financial fraud. A spouse engaging in financial fraud may undervalue or fail to report certain assets or revenue streams, overstate debts, or claim that his or her expenses are much higher than they actually are.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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