Financial Deception in Divorce
Posted on February 23, 2024 in Division of Assets
It is not uncommon for people who are getting divorced to realize that their spouse has not been honest about their financial situation. Some spouses begin hiding assets. Others conceal debts after dissipating marital assets. When you get divorced, your marital assets and marital debts alike will need to be divided equitably under Illinois state law. What does this mean if you do not actually know what your spouse owns and owes? It means that your DuPage County, IL, divorce lawyer will likely need to conduct a thorough investigation, which may involve bringing in another professional. It is important to have an accurate understanding of your marital property before you can work towards resolving your divorce.
Hidden Debts and Dissipation of Marital Assets
Hidden debts and the dissipation of marital assets are two distinct but sometimes related concepts. Dissipation of marital assets occurs when one spouse spends money that should have belonged to the marriage frivolously on themself without the consent of the other spouse. If your spouse spends thousands of dollars traveling with their affair partner, they have likely dissipated marital assets.
What if your spouse took out a credit card you did not know about and went thousands of dollars into debt paying for a vacation with their affair partner while you thought they were on a business trip? This is a very different situation than your spouse taking out a credit card without telling you and using it to pay utility bills and buy groceries. The credit card in the first example would likely be considered your spouse’s separate debt because using marital assets to pay that debt would amount to dissipation. However, in the second example, the credit card may or may not be considered marital debt depending on the circumstances because you did benefit from the borrowed funds.
Finding Hidden Assets
Some untruthful spouses, rather than dissipating marital assets, will hide them. For example, assume your spouse tells you they earn $50,000 per year at their job and deposit that amount into your joint bank account. Yet, your spouse sometimes comes home with new purchases that never turn up on your bank statement. You begin to suspect that your spouse has a separate bank account you do not know about. Since the income of both spouses is generally considered marital property, you are likely entitled to some of the hidden money during your divorce. Your lawyer can likely find out if it turns out your spouse actually earns $100,000 per year and has been depositing half of their pay into a secret account.
Contact a Naperville, IL, Divorce Attorney
Andrew Cores Family Law Group can work to help you identify any hidden marital assets or debts. Our experienced Will County, IL, complex divorce lawyers will do all we can to protect you from your spouse’s financial misconduct. Contact us at 630-871-1002 for a complimentary consultation.
