We have previously discussed how courts look at assets and how different methods of divorce disclose and find assets. Do you know, however, that most couples don't even know what assets make up their total marital estate? So if you don't know what assets make up your marital estate, how do you know at the time of divorce whether the other spouse is disclosing assets truthfully and accurately? Most people, whether intentionally or not, have hidden assets during an Illinois Divorce. This post will cover a very common question and fear: Has your spouse hidden assets during your Illinois Divorce?
Hidden Assets During Your Illinois Divorce: Video
During the breakdown of the marriage, couples experience many things such as confusion, anger, sadness, and mistrust. It is difficult to know what the next steps should be for yourself, your family, and your finances. A loss of trust might make you suspect whether your spouse has hidden assets. The video below highlights the common excuses and lies presented during an Illinois Divorce when it appears a spouse has hidden assets and what you can do to protect yourself.
Hidden Assets During Your Illinois Divorce: Common Excuses
Illinois Divorce Attorneys and Divorce court judges have heard all of the excuses that can easily be disproved through document requests, subpoenas, and depositions. You may hear the following excuses during your Illinois Divorce as well:
1. I gave money to my mother who has health problems (transferring funds to a 3rd Party)
2. I owe a business loan to my partner (a recently handwritten promissory note is provided during discovery)
3. I sold that car along time ago and the funds went toward the mortgage (but no funds can be traced)
4. I don't have that type of asset (Financial Affidavits and Written Discovery omit the asset)
Hidden Assets During Your Illinois Divorce: Tips to protect yourself
Know that the above excuses can be disproved by our Divorce Attorney and financial team and that you can protect yourself from such hallow excuses. I often work with clients that are unable to determine what their total marital estate is because they lacked experience in financial record keeping or because the other spouse did not keep them informed but we can help. What you can do today to protect yourself from wondering if your spouse has hidden asset during your Illinois Divorce:
A. Gather all financial information you can from your home office, office, house, tax preparer, accountant, etc.
B. Gather 3 years of tax returns .
C. Meet with our DuPage County Divorce Attorney Erin Birt to discuss your divorce options and gain access to our network of financial professionals that can help you during and after your divorce.
D. Develop a Divorce Action Plan that will best prepare you for the next chapter of your life.
In order to accurately determine your marital estate, meet with our divorce attorney to begin the forensic audit process and to discover the hidden assets. Our attorney can issue subpoenas, take depositions, and prepare and present the best case custom-tailored for the judge assigned to your divorce case. Often what is found is worth more than the legal investment. Contact us today to learn more.