Uncovering Financial Lies During Divorce in Illinois

 Posted on January 17, 2023 in Divorce

A divorce is a stressful process, and it is even more difficult if one spouse is hiding assets or lying about their finances. Divorcing spouses are required to provide an accurate account of their income and assets during a divorce. This information is used to determine child support, divide property and debts, and more. However, some spouses lie about money or hide assets during divorce.

It can be difficult to tell whether your spouse is being truthful during the divorce process, but there are a few signs that could indicate financial dishonesty. Knowing these signs can help you protect your rights and make sure you get the outcome you deserve.

Missing Documents or Bank Statements

If you have begun proceedings for a divorce in Illinois, it is important to keep an eye out for any missing documents or bank statements. If documents go missing or if your spouse stops providing you with financial information, this could be a sign that they are trying to hide something from you. Check with tax records and financial institutions to make sure all documents are accounted for.

Major Changes in Spending Habits

Another sign that your spouse may be hiding assets is an abrupt change in spending habits. If your spouse starts making large purchases, frequent cash withdrawals, or otherwise changes their spending habits abruptly this could be a sign they are hiding money from you. Keep track of all transactions so that nothing goes unaccounted for during the proceedings of the divorce.

Disproportionate Assets

If your partner has significantly more assets than their reported income would suggest, this could also be indicative of financial dishonesty or asset hiding. Your lawyer can help investigate any discrepancies between reported income and actual wealth by examining tax forms and other financial records. This will help ensure that all assets are properly accounted for during the divorce proceedings. 

In order to ensure a fair and equitable outcome during your divorce proceedings in Illinois, it is important to watch out for any signs of financial dishonesty from your spouse. Keep an eye out for missing documents or bank statements as well as changes in spending habits and disproportionate asset amounts compared to reported income levels. Working with a qualified attorney throughout the process can also help uncover any hidden assets and ensure that everything is properly accounted for when dividing up marital property during the divorce proceedings.

Contact our Will County Divorce Lawyer

At The Foray Firm, we know the tricks spouses use to try and hide assets during a divorce. We provide dependable support and fierce advocacy for divorcing spouses, and we can help you uncover the truth. Call our Joliet divorce attorneys at 312-702-1293 and set up your personalized consultation today.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/?sh=4a07ca1a6fd1