Don’t let hidden assets devalue your divorce settlement

 Posted on October 12, 2022 in High Asset Divorce

One of the most pertinent parts of the divorce process is the division of assets. In Illinois, the family court divides marital assets based on the equitable distribution doctrine. This means that marital assets will be divided in a way that seems fair to all parties.

The process of equitable distribution only works on the condition that all marital assets are disclosed properly. If this isn’t the case, then it is no longer equitable. How can you tell if your spouse is attempting to hide assets?

Asking you to sign some mystery documents

Your spouse has called and asked if you wouldn’t mind signing some documents. You said you’d take a look so they came around. Upon arrival, they seem flustered. They thank you for taking a look at the documents but state they cannot hang around for long. They assure you that it’s nothing to worry about and that the papers are "just an administrative thing" that they need to get sorted out.

It is never a good idea to sign documents without taking your time and being aware of exactly what they are. It’s possible that your spouse could be trying to get you to sign over your rights to the family home or agree to a loan that will empty your equity or other valuable assets.

Sudden income deficiencies in their business

Your spouse runs their own company and it always did well while you were married. Recently, they’ve claimed that it’s struggling, which you find highly unusual. The financial records seem to indicate this at first glance, but is there more to the story? You know for a fact that your spouse has just been on a lavish holiday as well as purchasing a brand-new vehicle. Where did the money come from? Is it possible that they have fudged financial documents in an attempt to hide assets from you?

These are just some of the signs that your spouse might be hiding assets. You should report any unusual financial activities. Having legal guidance on your side will also help ensure that you obtain an equitable divorce settlement.