If you are about to embark on a divorce in Illinois or maybe are already in the midst of one, you know how important it is to track your marital assets. The net value, including both assets and liabilities, of your marital estate may be a big contributor to your final divorce settlement. It is this fact that can lead some people to attempt to paint a specific financial picture during settlement discussions to attempt to lower the amount they may need to pay or lose in the process. One way this is done is by hiding money or other assets.
As reported by Forbes, there are many things that can act as warning signs to indicate that your spouse may actually be doing this. Especially if you and your spouse are still living together, you may have a good view into these behaviors. If, for example, you notice that your spouse is buying a lot of very expensive items or has obtained a phone number that you didn’t know about, you should take note. Costly purchases can reduce your estate value and even provide your spouse an opportunity to reclaim money after your divorce is final by selling these items.
If your spouse suddenly takes full control over your finances and clearly blocks you from having access to any information, you should certainly take note. This can be especially disturbing if your spouse simultaneously starts talking about a big drop in income or increase in expenses.
If you would like to learn more about hidden assets during a divorce, please feel free to visit the secretive spouse actions page of our Illinois marital dissolution website.