How Do I Know if My Spouse Is Hiding Assets?
Posted on November 29, 2023 in Division of Assets
Illinois divorce attorneys have a number of ways of finding hidden marital assets. This is because it is fairly common for one spouse to try to conceal funds from the other in the hopes of not having to share. Illinois law clearly states that nearly all property a married couple obtains during the marriage is marital property, regardless of whose income was involved. Placing money or property in a separate account is not enough to make it not marital property. If you suspect that your spouse is keeping assets hidden from you, it is important to tell your divorce lawyer immediately so that they can begin conducting a search. Your divorce may be paused while your lawyer works to uncover secret assets using strategies like hiring a forensic accountant or using internet-based investment tracking resources.
Look for Missing Money
One of the simplest ways to determine whether your spouse might be hiding money is to try to account for your marriage’s finances. Does the amount of income equal the amount of expenditures plus the amount of money saved? If not, your spouse is likely either hiding money or using money for a purpose you would not approve of.
Also, look for suspicious cash withdrawals from the bank or transfers out of investment accounts. If your spouse suddenly starts taking cash out or selling stocks without saying anything and does not have a verifiable explanation for why, suspicion would be warranted.
Work With a Professional
A number of professionals are well-qualified to help you hunt down any hidden assets. Your lawyer may be able to find hidden assets on your behalf, or you may need more specialized help from a private investigator, forensic accountant, or other licensed professional. Depending on how financially sophisticated your spouse is and how well they have hidden the assets, you may need to rely on a skilled professional to track them down.
Watch the Mail
If your spouse is getting letters from a financial institution you are not familiar with, there is probably a reason. If the envelope is marked, “statement enclosed,” you can be fairly sure your spouse has an account there or is doing business with them.
Trust Your Instinct
You know your spouse best, which means you are in the best position to notice if they are acting like they are hiding something. If your spouse has exhibited suspicious financial behavior, like making unexplained withdrawals or opening up new accounts without telling you, it is likely worth a bit of investigating.
Contact a Wheaton, IL, Divorce Lawyer
Andrew Cores Family Law Group is skilled in tracking down hidden marital assets. Our strategic DuPage County divorce attorneys will keep looking until we are confident we have found all hidden assets. Contact us at 630-871-1002 for a free consultation.
