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What Can I Do if My Spouse is Hiding Money in Our Divorce?

 Posted on April 08, 2024 in Division of Assets

Naperville, IL asset division lawyerOne of the most difficult parts of the divorce process is deciding how to divide up a couple’s assets. This is especially true in the case of high-asset divorces, where assets belonging to one or more of the spouses are over $1 million in value. 

A qualified divorce attorney can explain what assets will be divided and how, especially in a high-asset divorce. Each side will need to submit a financial disclosure which includes each party’s:

  • Assets

  • Expenses

  • Liabilities

  • Financial documents

This disclosure is a legal document that the court will use to decide how the money is distributed. Making false claims or leaving out assets on the financial disclosure is a serious breach of the law.

Which Assets Are Divided in a Divorce?

The general rule under Illinois law is that any assets acquired during marriage by either spouse are considered marital property and are divided in the event of a divorce. There are exceptions to this, however. Spouses do not usually need to share their non-marital property, such as inheritance, gifts, or property they acquired during the marriage by using non-marital property as collateral.

This is not clear-cut, however. If one party’s non-marital property is commingled with marital property, the other spouse might be entitled to a portion of it. In other cases, non-marital property may be divided if one of the spouses increased the property’s value prior to the divorce. If one spouse came into the marriage with a house, for example, it might be divided with the other spouse if he or she made a significant contribution to its value during the marriage.

What if My Ex Tries to Hide Money?

Because dividing assets is so complicated, it can make it easier to hide assets in the financial disclosure stage. But courts take incidents of hiding assets seriously, and any party caught doing this can face penalties and fines. Additionally, since each party must sign the financial disclosure, he or she could also face criminal charges for perjury or fraud if caught deliberately hiding assets.

And, if it is discovered after the divorce that one of the parties deliberately hid assets, it may invalidate the settlement agreed to by the parties. This could force both parties back to court for another settlement, and the party who hid the assets will suffer a loss of credibility.

Schedule a Free Consultation with a Naperville, IL Divorce Attorney

Dividing the money in a divorce can be extremely complex, particularly if there are many assets or high-net-worth assets. If you feel your spouse might be hiding assets or might be planning to hide assets, contact an experienced St. Charles, Illinois divorce lawyer right away. Call Pesce Law Group, P.C. at 630-352-2240 for a free consultation on how we can help you protect your share of the assets throughout the divorce process.

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