Divorce often involves complex emotions and financial matters. In some cases, one spouse may try to hide assets to avoid equitable distribution during divorce proceedings. Equitable distribution in Illinois means that assets are divided fairly, though not equally. If you suspect your former spouse might be hiding assets, it is crucial to understand the signs and take appropriate action to protect your financial interests.
1. Unexplained financial discrepancies
If you notice discrepancies in financial statements or accounts that don’t add up, your spouse might be concealing assets. Look for unusual transactions, sudden withdrawals or transfers to unfamiliar accounts. These red flags could indicate hidden assets.
2. Secretive behavior about finances
Your spouse may suddenly become secretive about financial matters, refusing to share information or discuss money issues. They might start handling financial documents privately or insist on managing finances alone. This behavior could signal an attempt to hide assets.
3. Undervaluing or overvaluing assets
Watch for your spouse undervaluing assets like property, collectibles, or business interests. Conversely, they may overvalue debts to reduce the apparent value of their net worth. Misrepresenting asset values can distort the fair distribution process.
4. Sudden changes in financial activities
A spouse hiding assets might suddenly start gifting money to friends or relatives, often to reclaim it after the divorce. They might also invest in items that are easy to overlook or undervalue, like art or antiques. This tactic can create the illusion of reduced wealth, making it seem like there is less to divide during the divorce proceedings.
Seeking legal guidance
Some spouses hide assets to gain an unfair advantage in the divorce settlement, often out of fear of losing financial stability or as a means of control. If you suspect asset concealment, you may want to seek help from a legal professional. They can help you investigate further, possibly employing forensic accountants to uncover hidden assets. Protecting your financial future requires vigilance and professional guidance.