3 Signs Your Spouse Might Be Hiding Assets in an Illinois Divorce

 Posted on March 20, 2024 in Property Division

When a couple goes through a divorce, one of the many steps they need to work out relates to the division of their marital assets. Anything that they amassed as a couple will be divided in a divorce. Unfortunately, some people falsely believe that they can merely hide some assets so as to avoid splitting them in the divorce settlement. This is an illegal practice, but common nonetheless. This article will describe three prominent signs that your spouse might be trying to hide assets. Of course, if you have any concerns about your personal situation, a compassionate Wheaton, IL divorce lawyer can guide you further.

Unreasonable and Unexplained Bank Transfers

It is not illegal to have multiple accounts or even accounts in multiple countries. However, if your spouse has begun transferring money into investments or between accounts without offering you any explanation about it, this might be a sign that they are trying to hide assets from the authorities so they can avoid dividing them with you in a divorce. If you notice any discrepancies between your account balances and what your spouse has disclosed about his financial activity, speak with a lawyer about all of this so you can figure out what you should do next.

Drastic and Unexpected Changes to Lifestyle

If your spouse has suddenly begun adopting a new lifestyle without explaining why this is happening, it might be a sign that they are using marital funds on various unnecessary expenses so that your shared account will have a much smaller sum of money in it when it needs to be divided. Keep a record of any such lifestyle changes and consult with your lawyer about them.

Sudden Work Status Changes

If there are abrupt changes to your spouse’s work status, this might indicate that he is trying to reduce any child support or spousal support obligations he may be eligible for by making his income decrease. Make sure to keep records if your spouse takes a leave of absence from work, suddenly changes their job, or quits altogether, all without explaining why. These are all red flags that you need to pay attention to.

Schedule a Free Consultation with a DuPage County, IL Hidden Asset Attorney

If you suspect your spouse of hiding assets or you are concerned that this is something they might do, speak with a knowledgeable Wheaton, IL divorce lawyer. At Davi Law Group,  we have experience helping our clients make sure they are getting what they are entitled to. Please call 630-657-5052 to schedule a free consultation.