During a divorce, you know that it is of critical importance to protect your financial interests. Your future depends on an equitable distribution of marital property and debts, which is impossible when one party will not disclose all assets.
When an Illinois couple decides to divorce, both parties must fully disclose all assets, yet it is common for one party to refuse. A person may attempt to keep certain financial matters hidden in hopes of retaining ownership of the money or assets. If you fear that your spouse may be attempting to hide certain assets, you need a lawyer to help you counter these tactics.
Do you suspect that your spouse is hiding assets or income?
While assets such as real estate, cars, vacation homes and physical items are more difficult to hide or shield during a divorce, there are various assets that are more easily hidden, including:
- Bonds and stocks
- Mutual funds
- Insurance policies with a cash payout
- Savings bonds
There are several ways that people conceal these assets, thereby preventing the other party from securing a portion. Common tactics employed when hiding assets may include the following:
- Giving large gifts to family members or friends
- Paying off large amounts of debt
- Transferring sums of money into trusts
- Refusing or delaying raises or promotions until after the divorce is final
When your spouse is moving to hide assets, you must take quick action to protect your rights. You should work with an attorney who is adept at complex divorce-related financial matters and locating hidden assets. When you counter these deceptive tactics with tenacious, experienced legal counsel, you can seek your rightful share of all divisible property.
Act quickly to protect your financial interests
Discovery of all marital property and divisible assets is the first step toward a strong post-divorce financial future. You have a rightful claim to your share of marital property, and an experienced lawyer will advocate for you during the complex process of discovery and property division.
If you suspect that your spouse is attempting to hide assets or prevent you from securing your share of marital property, you must act quickly to protect your interests. A divorce will have a significant financial impact on your life, but you do not have to allow deceptive tactics to derail your future stability.