Hidden assets in a divorce are often discovered through the expertise of forensic accountants, financial experts, and legal investigations.
>>> Looking for a High Asset Divorce Attorney in Naperville, IL? Check out this page <<<
Understanding Hidden Assets in Divorce
Hidden assets are properties, funds, or investments that one spouse attempts to conceal to avoid sharing them during divorce proceedings. Identifying these assets ensures a fair division of the marital estate.
Legal Context for Discovering Hidden Assets
In Illinois, both spouses are required to provide full financial disclosure during divorce proceedings. Concealing assets is a violation of court rules and can lead to penalties, including fines or unfavorable rulings.
Common Ways Assets Are Hidden:
- Undisclosed bank accounts or investments.
- Transferring funds to friends or relatives.
- Undervaluing businesses or properties.
- Overstating debts or expenses.
Relevant Illinois Laws:
The Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5) requires equitable distribution of marital assets, making it essential to uncover any hidden resources to ensure fairness.
Steps to Discover Hidden Assets
- Request Financial Disclosures
Both spouses must provide complete financial affidavits, listing all assets, debts, income, and expenses. - Hire Forensic Accountants or Financial Experts
These professionals analyze financial records, tax returns, and business statements to identify discrepancies or concealed transactions. - Subpoena Financial Records
Attorneys can subpoena bank statements, investment accounts, or credit card records to verify the accuracy of disclosed information. - Investigate Unusual Transactions
Look for signs of hidden assets, such as sudden withdrawals, new accounts, or unexplained purchases. - Collaborate with Legal Experts
Work with attorneys skilled in asset discovery to uncover complex holdings like offshore accounts or cryptocurrency.
How Attorneys Can Help
An experienced attorney can:
- Identify red flags in financial disclosures.
- Coordinate with forensic accountants to analyze financial records.
- File subpoenas to obtain necessary documentation.
- Advocate for penalties against a spouse found concealing assets.
Need Help Uncovering Hidden Assets?
Call (630) 366-1760 to speak with a family law attorney skilled in asset discovery. We’ll help protect your financial interests and ensure transparency during your divorce.
Disclaimer: This page provides general information and is not intended as legal advice. For personalized assistance, consult a licensed attorney.
