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
The first step in your search begins with recognizing the signs that your spouse might be hiding funds from you. If you find that your partner has taken complete control over your finances, has recently deleted any financial record keeping program, such as Quickbooks, or suddenly exhibits secretive behavior regarding your money, these may be common signs that he or she is concealing financial matters from you. Strange, new accounts or unusual purchases are also red flags that something might be amiss.
How to Search for Hidden Assets
Once you are reasonably sure that your spouse is burying funds, it is time to start digging. Begin examining the electronic trail of your spouse’s financial dealings, and collect copies of any relevant records, such as tax returns and budget tracking documents. Run a credit check. Have any new accounts been opened recently in your spouse’s name? Keep your eyes peeled for receipts that furnish proof of extravagant new purchases, and do not forget to document any findings that show a significant decrease in income, despite lack of proof of reduction in expenses.
Protecting What is Yours
Investigating potential hidden assets on your own is limited; you can only search for so much before the need to turn to a professional arises. Skilled divorce attorneys who are well versed in the uncovering of hidden assets and the laws surrounding them are your key to not only discovering those funds, but to protecting your rights to them, as well. Hiding funds is a serious offense; the consequences can mean hefty fines and even imprisonment. You owe it to yourself to do your homework and claim what is yours.
Speak with a knowledgeable Elmhurst, IL hidden assets attorney today if you are concerned that your soon-to-be ex-spouse is guilty of concealing assets from you. Call Weiss-Kunz & Oliver, LLC at 312-605-4041 for a personal consultation.