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Warning Signs That Your Spouse May Be Hiding Assets During Your Divorce

Posted on in Divorce

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.

There are certain warning signs of financial fraud that you should be suspicious of. Your spouse may be lying about his or her finances if he or she:

  • Insists on having sole responsibility for managing finances and paying the household bills

  • Refuses to discuss finances with you or becomes angry when you bring up money-related topics 

  • Increasingly makes large cash withdrawals or money transfers

  • Reroutes mail to a P.O. box or other location or hides mail from you

  • Makes frequent trips out of the country or opens offshore bank accounts

  • Reports a major decrease in the value of business investments or other marital property

  • Opens numerous business or personal bank accounts

  • Has a gambling or substance abuse problem

In a survey conducted by the National Endowment for Financial Education, over one third of participants admitted to lying to their spouse about finances, debt, or the amount of money they earned. Financial fraud is more common than many people realize. If you are worried that your spouse is hiding assets or otherwise being deceptive about finances, you need a divorce lawyer experienced in uncovering fraudulent financial practices.

Contact a Cook County High-Asset Divorce Lawyer

If you suspect your spouse is deceiving you by hiding marital assets, it is important to understand your options during the divorce proceedings. The qualified legal professionals at Botti Marinaccio, LTD. understand the tricks that spouses often use to conceal assets, and we know how to uncover the truth. If you want to learn more about how we can help protect your right to a fair divorce settlement, contact our office today. Call us at 630-575-8585 to schedule a confidential consultation with one of our tenacious Hinsdale asset division attorneys.

Sources:
https://www.nefe.org/_images/research/Polls/Financial-Infidelity-2018-Reissue-Complete-Survey.pdf
https://www.forbes.com/sites/jefflanders/2012/03/20/21-signs-that-your-husband-may-be-hiding-marital-assets-during-your-divorce/#4f8f5ee01a89

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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