When getting divorced, protecting assets can be a major source of stress for Illinois residents. The level of concern can be even higher if one spouse believes that the other person is hiding or not disclosing assets. These situations can and do happen so it is important for people to know what steps to take if this type of activity is suspected.
The Huffington Post recommends that a thorough review of all records be conducted in order to identify gaps in financial records that may point to the existence of hidden assets. This includes reviewing the following:
- Public records that may show ownership of other real property.
- Income documentation such as W2’s and bank statements to verify that all income was properly deposited and accounted for.
- Tax returns and documentation for all interest-bearing accounts to ensure that all accounts were appropriately reported.
- Credit card statements, bills and invoices and payment verifications to confirm there are no unpaid bills.
Records for alternative forms of compensation such as bonuses can be requested by subpoena from the other spouse’s employer as well. This completes the view of all income received during the marriage.
Spouses who do hide assets in a divorce can be liable for serious penalties. Such is the case as Forbes notes in which a husband moved assets into accounts in two different countries. He was caught upon attempting to bring the money back into the U.S. after the divorce was final and has been charged with multiple tax evasion and wire fraud charges.