Divorce can bring on a rush of emotions and leave a person going through the process not thinking clearly. There is so much to think about that many assets may be overlooked. Both spouses are legally required to be upfront about their assets. Although there are often cases in which a spouse purposely hides assets, some items are quite simply forgotten when it comes time to divide up everything in a divorce.

Where to Begin with Property Division

Most people probably have no problem coming up with a list of assets and debts that will have to be split in their divorce. On the asset side, think bank accounts, the family home, cars, and investments. On the debt side, think mortgages, loans, and credit cards. These can be split evenly, or couples may have different ideas for who will get what. An experienced divorce attorney can help you iron out a fair deal in your divorce and can assist in making sure you do not forget about any other valuable items that you may be entitled to.

During divorce, both spouses have a right to equitable division of marital property. While this does not necessarily mean that everything will be split 50/50, each spouse is entitled to a fair and equitable portion of the assets that the couple own. However, divorcing spouses often try to hide assets from each other in hopes that they will not have to share monetary funds or other property with their spouse. This is especially common in cases of high net worth divorce.

If you suspect that your spouse may be concealing any money or property, you should look in the following places to find out whether there are any hidden assets:

1. Tax returns - You should obtain a complete copy of your joint tax return, which can help you get a full picture of your spouse’s income, any interest or dividends they earned, and the deductions they have taken. In some cases, a spouse may over-pay the taxes they owe, allowing them to receive a larger tax return after the divorce has been finalized.
2. Bank accounts - Be sure to review the complete statements for any joint bank accounts. Look for transfers to the accounts of friends or family members, or to accounts that have been created in children’s names.
3. Business expenses - Spouses who own a business often use them to hide assets. They may pay a salary to a nonexistent employee or delay signing contracts or charging clients for services until after the divorce. Be sure to review business bank statements and income and expense reports to look for any discrepancies.
4. New purchases - Spouses often use marital funds to purchase physical assets such as artwork or collectibles and then under-report the value of these items when dividing marital property. Look for any recent purchases that your spouse has made, including antiques, furniture, or jewelry.
5. Fake debt and purchases - A spouse may claim that they owe money to a friend or family member or make payments to other people for nonexistent products or services. Then, after the divorce has been finalized, these people will transfer the money back to your spouse. Be on the lookout for any suspicious payments or loans.

Contact a Lincolnwood Divorce Lawyer

Recognizing when your soon-to-be ex-spouse is tucking away assets that you rightfully share ownership of can be difficult, especially when you do not know they exist. How are you supposed to claim assets and address them during negotiation settlement if they are invisible in the first place?

Hidden assets are a real problem for some couples, particularly for those dealing with high net worth divorce. If you have a large income or a significant amount of possessions, there is always the chance that your spouse, under tense circumstances, may be tempted to shuffle away some of those funds when the divorce process is underway.

Signs of Deception