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Here Are the Signs Your Spouse May Be Concealing Assets in an Illinois Divorce

 Posted on August 08, 2023 in Divorce

Joliet, IL asset division lawyerDivorce can be an emotionally challenging time, and it is essential to consider all aspects, including financial matters. In some cases, one spouse may attempt to conceal assets to gain an unfair advantage during the divorce proceedings. Recognizing signs of such behavior is crucial to protecting your rights and ensuring a fair division of marital property. Today, we will discuss some common signs that could indicate your spouse is concealing assets during your Illinois divorce. If you suspect your spouse is hiding assets from you, share this concern with your divorce lawyer so that steps can be taken to ensure your assets are protected and that an equitable distribution of property can be successfully attained. 

Sudden Changes in Financial Behavior

It could be a red flag if your spouse starts exhibiting unusual financial behavior, such as secretiveness about income, expenses, or investments. Look for sudden changes in their spending habits, unexplained expenses, or hidden accounts you were unaware of. Drastic alterations in financial behavior may indicate an attempt to hide assets. 

Lack of Cooperation or Unwillingness to Disclose

Transparency is critical during the divorce process, particularly regarding finances. If your spouse becomes uncooperative or insists on not disclosing necessary financial documents, it may be a sign of asset concealment. Watch out for missing or incomplete records, such as unreported income, hidden bank accounts, or undisclosed assets. 

Inconsistencies in Financial Statements

Carefully examine financial statements, including tax returns, bank statements, investment reports, and business records. It raises suspicions of hidden assets if you notice inconsistencies or discrepancies between these documents and what your spouse has disclosed. Discrepancies could include unexplained tax deductions, undisclosed investments, or disparities in reported income. 

Unexplained Reduction in Income

If your spouse conveniently experiences a sudden decrease in income, it could be an attempt to manipulate the divorce settlement. Claiming financial hardships or taking a lower-paying job without genuine justification may be an effort to conceal more assets. 

Overvaluation or Undervaluation of Assets

Another common tactic is to overvalue or undervalue assets during divorce proceedings purposely. This could involve inflating debts or devaluing stocks, real estate, or business interests. Partnering with forensic accountants or other financial professionals can help uncover accurate valuations and expose dishonest practices. 

Contact a Plainfield, IL Divorce Lawyer 

Do not let your spouse get away with concealing assets. Inform your attorney immediately if you suspect they are engaging in this unethical practice. Contact the skilled Will County divorce attorneys with Law Offices of Tedone and Morton, P.C. for the best legal assistance in dissolving your marriage. Call 815-666-1285 for a free consultation. 

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