If you believe your spouse is hiding income and assets then you may wonder how. This can be done by manipulating financial records or using offshore accounts. Assets may also be moved or transferred to someone else who will hide them.
If you suspect your spouse is hiding assets during divorce proceedings collect financial documents and look for unusual patterns or transactions. Large unusual withdrawals or increased activity after separation may indicate hidden assets.
Contact Tommalieh Law's Orland Park divorce attorneys for assistance to ensure you receive a fair settlement. Call today at (708) 232-0017 for a free consultation!
Reasons for Hiding Assets in a Divorce
The divorce process can be extremely challenging, as it is not uncommon for one spouse to conceal assets or income from the other. Some hide assets to avoid division during property settlement negotiations. Others do it to avoid debts or obligations related to the marriage, like child support or spousal maintenance payments.
Regardless of the reason, hiding assets is a serious offense. There can be legal consequences. It's important to know that hiding income or assets during a divorce can have long-lasting effects on your financial well-being and other areas of your life.
Warning Signs
Some warning signs are
- Post Office Box or Private Mailbox. When trying to determine if your spouse is hiding income and assets during a divorce, one red flag to watch out for is the use of a post office box or private mailbox. This type of address can be used to hide income and assets from you and the IRS. Another sign to look for is unusual banking activity, such as large deposits or withdrawals, or transfers between unfamiliar accounts. If your spouse has multiple bank accounts with different banks, it could be a sign of an attempt to conceal money.
- Credit Card Statements and Expensive Items. It can be hard to know if your spouse is hiding income and assets during a divorce. One way to find out is by examining credit card statements for any questionable purchases. If your spouse is hiding money, they may have been using credit cards to buy expensive or unnecessary items. By carefully reviewing the statements, you might discover proof of hidden assets.
- Joint Accounts and Financial Records. During a divorce, it is important to investigate joint bank accounts and financial records to determine if your spouse is hiding income and assets. A comprehensive examination of all joint accounts, including bank, retirement, investment, and tax accounts, can reveal any suspicious activity or discrepancies between your spouse's claims and the actual account balances. If any discrepancies are found, it may be advisable to consult with a financial expert to assess if any assets are being concealed.
- Bank Statements and Financial Statements. To determine if your spouse is hiding income and assets during a divorce, start by studying their bank statements and financial statements. This can uncover hidden money in secret business records accounts or business owners' investments. Look for unexplained transfers or large deposits from unknown sources or hidden accounts. These deposits may come from a hidden business or income source, which can be used to hide assets. Also, compare your spouse's claims of ownership with their actual accounts to identify any discrepancies.
- Changes in Financial Affairs or Institutions. If you suspect financial dishonesty during a divorce, there are signs you can look for. One sign is if your spouse makes sudden changes in their financial investment accounts. This could include closing accounts or opening new ones without telling you. They may also switch banks or transfer money into unknown accounts. Watch for sudden changes in spending or unexplained purchases, such as recreational vehicles as this could indicate hiding assets.
How to Find Hidden Assets
Divorce can create trust issues regarding your spouse's financial honesty. To identify hidden assets, start by reviewing income tax returns for discrepancies in income or deductions. Look through bank and credit card statements for unfamiliar transactions. Check for undisclosed investments like stocks, bonds, and real estate.
Consider hiring a forensic accountant to review financial records or a private investigator. Protect yourself by being diligent and watchful for signs of dishonesty. If you suspect anything, take action.
Speak to a Divorce Attorney or Financial Advisor
In a divorce, it's crucial to determine the marital assets. Spouses often hide income and assets to minimize their obligations or gain an unfair advantage. To ensure a fair distribution, you need to know if your spouse is hiding anything.
If you suspect hidden income or assets, consult a divorce lawyer or financial advisor. They can review both parties' finances and uncover any hidden assets. A skilled lawyer will guide you on what steps to take and may connect you with forensic accountants to help with the investigation.
Review Documents for Unexplained Income Sources
During a divorce, one party may hide income and assets, which can impact the outcome. This can lead to an unfair settlement or decisions based on incorrect information. It is important to know the signs of a spouse hiding income and assets. Review financial documents related to the divorce, such as bank statements, tax returns, and investments. Look for unexplained income or discrepancies between reported and known information. These could be signs of financial dishonesty.
Follow Up on Suspicious Activity
During a divorce, it is a concern that one spouse may hide income and assets. This can give them an unfair advantage. To uncover any suspicious activity, pay attention to financial documents. Look for discrepancies in income or deductions. Review bank and credit card statements for unfamiliar transactions. Check for undisclosed investments.
Utilize Technology to Track Digital Footprint
Divorce requires accurate division of assets and income. However, if one spouse hides income or assets, it becomes challenging. To ensure fair property division, technology can be used to track digital footprints that may reveal hidden income and assets. Online tools like email searches and online banking provide insight into a spouse's financial activity. Social media accounts can be monitored for suspicious activity or transactions indicating hidden assets.
By using technology to track digital footprints, hidden money or assets can be uncovered before they are exploited for unfair advantage in the divorce process.
Property Division During a Divorce
Both parties involved in a divorce must be aware of all eligible income and assets during the division of property. If there are suspicions of hidden income and assets during a divorce, there are specific measures that can be taken to investigate the matter.
Common Signs of Hidden Assets in Marital Property Division
During divorce proceedings, it is important for individuals going through this process to be aware of potential signs that their spouse may be hiding income or assets. These signs can include unusual banking activities, unexplained increases in the value of investments or property, unfamiliar accounts on financial statements, unusual transfers of money or assets, unusual purchases, and lifestyle changes.
Call our Experienced Divorce Attorney Today!
If you suspect that your spouse is attempting to hide income and assets during a divorce, it is important to take steps to protect yourself. The experienced family law attorneys at Tommalieh Law understand the complexities of family law and can provide knowledgeable legal advice on how best to proceed.
Our team of experienced attorneys has handled numerous cases involving spouses who are attempting to conceal financial accounts, rental properties, loan applications, separate property, cash withdrawals, and real estate holdings assets to family members during a divorce.
We know the legal strategies that can be used to uncover hidden money and assets and can help ensure that you receive the fair outcome you deserve. Contact Tommalieh Law today to schedule your free no obligations consultation.
