Signs Your Spouse Is Lying About Finances During Your Illinois Divorce

 Posted on February 24,2021 in Illinois Divorce

One of the most crucial parts of an Illinois divorce is the submission of each spouse’s financial affidavit. The financial affidavit is where you will list your income, assets, debts, and expenses. It is often the first divorce-related document on which a deceptive spouse may lie. Divorcing spouses have many reasons to fabricate financial information during a divorce. Some are hoping to lower the amount their spouse receives in a property division settlement. Others are hoping to reduce the amount they pay in spousal support or child support. If you are getting divorced in Illinois, it is important to be watchful for signs of hidden assets and other financial deception.

Manipulating the Outcome of the Divorce by Hiding Assets  

Spouses are expected to disclose all of their assets and income. Some spouses intentionally leave out sources of income in order to artificially reduce their net worth. There are many different ways that a spouse may attempt to sway the divorce decree in his or her favor. A spouse may “forget” to include sources of income or certain property on his or her financial disclosure. He or she may undervalue assets, create fake expenses, lie about business revenue, transfer property to friends and family, or intentionally overpay the IRS. Some spouses hide assets by literally hiding cash in their home, office, or safety deposit box.

Warning Signs of Hidden Assets

One of the best predictors of financial deception during divorce is a history of financial deception during the marriage. If your spouse has previously lied about money or used finances to control you, this can be a sign that he or she will continue to do so during the divorce. Other signs that your spouse may hide assets during divorce include:

• Claiming that you do not have a right to your fair share of the marital estate

• Reporting that a previously successful business is suddenly failing

• Buying expensive collectibles, art, or jewelry

• Making trips to the Cayman Islands, Belize, or other countries with lenient banking laws

• Refusing to let you have access to bank accounts or online banking passwords

• Diverting mail to a P.O. box

• Opening multiple bank accounts or other unusual banking activity

Contact a Kane County Hidden Assets Lawyer

At Weiler & Associates, Inc., we believe that you deserve a divorce settlement or judgment that is based on the truth – not your spouse’s lies. Our skilled St. Charles divorce attorneys know the tactics that spouses use to hide assets during divorce and how to combat this financial deceit. We often work closely with forensic accountants and other financial professionals to uncover hidden assets and protect our clients’ rights. Call us today at 630-331-9110 to schedule a confidential consultation.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.forbes.com/sites/jefflanders/2012/03/20/21-signs-that-your-husband-may-be-hiding-marital-assets-during-your-divorce/