Signs Your Spouse is Hiding Assets in a Divorce
Alimony, child support, and property division in a divorce are all dependent on the assets that were held by both parties before and during a marriage. Some parties to a divorce might try to shield some of their assets from being included in the marital estate or hide assets in order to reduce their support obligations. Read on for warning signs that your spouse may be hiding assets in advance of divorce, and call a Chicago family law attorney if you have any questions about a pending divorce, alimony issue, or any other Illinois family law matter.
Warning signs of hidden assets
When a party to a divorce is particularly unscrupulous, or if the emotions involved are especially charged, the party may look for a way to protect their assets from entering the divorce calculations. There are many ways that a person can hide their possessions before and during a divorce proceeding. Below are a few of the methods by which assets may be hidden, and some of the indicators to watch out for in order to prevent your spouse from withholding assets that should factor into a Chicago divorce:
● Your spouse makes sudden gifts to friends and family, especially large transfers of money. If you suddenly notice your spouse repaying “loans” to friends and acquaintances about which you had no knowledge, your spouse might be trying to park money outside the marital estate and shield it from collection.
● Your spouse makes expensive purchases without your knowledge. They may be trying to dump funds to keep them out of the divorce, or to drain the joint account with the intention of selling the items back after the divorce.
● Your spouse restricts your access to account information by, for example, changing the address for paper account statements or refusing you the password to online-only account statements.
● Overpayments to the IRS or other accounts. Your spouse might be trying to overpay certain creditors in the hopes of getting a refund after the divorce is finalized.
● Bank accounts are emptied without your knowledge or consent.
If you notice any of these behaviors, or if you have any other reason to believe your spouse is hiding assets, speak with a seasoned and savvy Chicago family lawyer. Your spouse might be trying to gain an advantage before filing for divorce.
CALL FOR HELP WITH AN ILLINOIS FAMILY LAW MATTER
If you are facing divorce or any other family law issue in Illinois, contact the seasoned, effective, and compassionate Carol Stream family law attorneys at Johnson, Westra, Broecker, Whittaker & Newitt for a consultation on your case at 630-665-9600.