Facing the prospect of divorce can be daunting — you may have serious concerns over how this process will impact your financial security and your plans for the future. As you move ahead with your Illinois divorce, it can prove beneficial for you to think about what is ahead and how you can protect yourself. This can be particularly important in high-asset divorces.
When there is a lot of money and significant assets on the line, your spouse may be tempted to hide money and bank accounts. Hidden assets can lead to grossly lopsided divorce orders and final resolutions that are not fair to the other side. If you suspect this is happening, there are things you can do to fight back and work for your fair share of all marital assets.
How you can find out the truth
One of the very first steps in a divorce is for both sides to release financial disclosures regarding their money, income, debt, assets and anything else related to finances. This gives a higher chance that the final order is fair, but if you think something is not right or that certain assets are missing or underreported, you can do the following:
- You should carefully review all documentation for information regarding bank accounts. You can make notes of transfers made out of accounts and note if you think certain statements are missing.
- If something is missing, you can then request that your spouse provide all the appropriate information. Formal legal requests for certain financial information require honest answers and the provision of specified documentation.
- If these efforts are not successful or it is beneficial for the individual situation to do so, you may be able to request a deposition. This would legally compel the other party to answer questions truthfully regarding missing information.
Hidden assets in divorce is a complex matter, and you may find it beneficial to seek guidance as you walk through the process of fighting for what you are rightfully owed.
Your post-divorce financial future
Divorce will bring about various financial changes in your life, but you have the right to pursue a divorce settlement that will ensure your stability and security for years to come. If you have concerns about what the end of your marriage will mean for your future, or you think your spouse may be hiding assets, you can discuss your concerns with an experienced divorce attorney.