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Help! My Spouse is Hiding Money From Me During Our Divorce

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plainfield divorce attorney for hidden assets

Financial disclosure is a crucial aspect of any divorce. Spouses cannot address the division of property, child support, or other financial concerns unless they are on the same page financially. Unfortunately, some divorcing spouses are more transparent than others when it comes to finances. If your spouse is trying to hide money from you or otherwise lie about finances during divorce, contact a divorce lawyer for help. Your spouse’s deceptive behavior can have a major impact on the outcome of your divorce.

Signs of Financial Fraud in a Joliet Divorce Case

Hiding assets can take many different forms. Some spouses literally hide cash or valuables in order to shield them from division during divorce. They may use a safety deposit box, secret bank account, or transfer assets to a friend or family member. Business owners may manipulate their business’s financial records to hide money through the business.

Some signs that a spouse is hiding assets in a divorce include:

  • Secretive behavior regarding finances -  Spouses may hide tax documents and other financial records or change the passwords on financial software or banking apps. They may refuse to discuss anything related to finances or get angry when the other spouse tries to bring up finances.

  • Unexplained transfers – Large transfers of money from one account to the other are a huge red flag during a divorce.

  • Sudden debts or increased expenses – Spouses sometimes try to hide money by creating fake expenses or debts. They pretend to owe a party money, but the debt is just a front for financial manipulation.

  • Large cash withdrawals – Some spouses hide money by withdrawing funds and placing the funds elsewhere. Something as simple as getting cash back on a grocery store purchase can be an effective way to take money out of an account and hide it.  

What You Can Do If Your Spouse Hides or Destroys Assets

If you think your spouse is hiding money or property during your divorce, contact a divorce lawyer for help. Spouses’ financial circumstances affect nearly every aspect of the divorce process. You deserve a divorce outcome that is based on accurate financial information. Your attorney may work with a forensic accountant to uncover financial fraud. He or she may also use discovery tools such as formal requests for documents, subpoenas, and depositions to reveal hidden assets.

Contact a Joliet Divorce Lawyer

The Plainfield divorce attorneys at Law Offices of Tedone and Morton, P.C. can help you with forensic accounting, property distribution negotiations, divorce discovery, and more. Call 815-666-1285 today for a free consultation.

Sources:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/

 

https://www.investopedia.com/how-to-un-merge-your-money-in-a-divorce-4687311

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