Financial Deception Involving Business Assets During Divorce

 Posted on April 24,2023 in Illinois Divorce

During a divorce, both parties must be transparent about their assets--particularly businesses. However, some spouses may attempt to deceive or minimize the value of their business investments to gain an unfair advantage during settlement negotiations. If you sense your partner is lying about the extent of their corporate property, taking action without delay can be vital for safeguarding your rights and interests.

Legal Requirements for Asset Disclosure in Illinois Divorce Cases

Every divorce must fully disclose all assets, income, and liabilities in the marriage. This mandate is critical to achieving an equitable settlement since it guarantees that both parties will accurately grasp their financial circumstances. Whether those resources are shared or held separately, complete transparency is necessary for a successful resolution.

Failing to disclose assets can result in serious consequences, such as financial penalties, sanctions, and even contempt of court charges. The court may also alter the divorce decree once concealed assets are disclosed.

Signs That Your Partner May Be Lying About Business Assets

If you suspect your partner may be concealing business assets, note any odd behavior. They could become protective about financial records or deny access to documents without explanation. Another sign would be sudden shifts in money or resources and the appearance of unidentifiable cash out of the blue.

If you observe any of these signs, seeking expert advice from a lawyer is essential. An experienced legal representative can evaluate your financial documents and detect potential warning signals that may suggest the presence of undisclosed assets.

Options for Addressing Lying About Business Assets During Divorce

A discovery process is a powerful tool for uncovering hidden assets that could affect the outcome of your divorce case. If you think your partner has hidden business assets during divorce proceedings, you can use the law to demand more information or proof. Your lawyer may force them to hand over financial documents, subpoena records from banks and other institutions, or even hire an expert witness to evaluate businesses.

Contact a Kane County Family Law Attorney Today

Engaging in dishonesty about business assets during a divorce can result in legal and financial ramifications. If you believe your partner may be untruthful with information regarding their corporate possessions, it is essential to take quick action not to jeopardize your potential settlement. A reliable Illinois divorce lawyer can guide you step-by-step and protect your rights by safeguarding an equitable agreement for all parties involved. Call Weiler & Associates, Inc. at 630-331-9110 to get started and see what next steps you should take.

Source: https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000