IRS to Probe Into Taxpayer UBS Accounts - But It Is Not the Only Option for Uncovering Hidden Assets in an Illinois Divorce

 Posted on February 04, 2019 in Property Division

Recently, the Internal Revenue Service (IRS) announced that they intend to probe the private UBS accounts of 4,000 taxpayers. While one can only speculate how many of them are currently engrossed in a divorce, odds are, a healthy number of them could be trying to hide money from both the government and their spouse.

Those who are discovered stand to lose a lot.

In addition to the possibility of federal tax evasion charges and a loss or depreciation of their assets to cover back taxes, dishonest parties may lose a significant portion of their divorce settlement, as judges often penalize them by giving the disadvantaged party an additional award. Unfortunately, only a small percentage of divorcing parties may be probed by the IRS this year.

Thankfully, parties do not have to rely on the government to uncover hidden assets during their Illinois divorce. Instead, they simply need a seasoned and aggressive divorce team on their side.

Recognizing the Signs of Asset Hiding

People often wonder how it is that assets can be so deeply hidden in a divorce, but the truth is that few spouses wait to hide their money until the relationship goes south. Instead, they are often hiding money long before the end of their marriage. Some may have even entered their marriage with financial dishonesty. If it seems difficult to believe that your spouse could be among these dishonest parties, consider a survey conducted by the National Endowment for Financial Education in which two out of five respondents with combined finances admitted to financial infidelity in their relationship. The infractions varied significantly, with some having secret debt, and others having secret accounts or investments.

How do you determine if your spouse may be in the latter group? Look for these common signs:

• You no longer see or have access to your financial statements;
• Your spouse has started lavishing you with expensive gifts;
• Your spouse has started asking you to account for every penny spent;
• Unusual or excessive transactions at your bank or the ATM;
• Aggression when you ask about financial matters;
• Your spouse deflects or changes the subject when asked about financial matters;
• Your standard of living has recently changed;
• Your spouse has started complaining about lost business or work hours but is rarely home;
• Changes in spending habits;
• Locked cabinets; and
• Changed passwords on computers, devices, or other areas where financial data is stored.

Suspect Your Spouse is Hiding Assets? Contact Our Wheaton Divorce Attorneys

You do not need the IRS to do a probe of your spouse’s financial accounts to determine if they are hiding assets. Instead, you can contact Davi Law Group, LLC, where your financial interests are aggressively protected. Our DuPage County divorce lawyers can recommend and will cooperatively work with your entire divorce team to ensure that you receive every penny to which you are entitled in your divorce. Call 630-657-5052 today to learn more.

Sources:

https://www.cnbc.com/2018/01/23/tell-tale-signs-that-your-partner-is-guilty-of-financial-infidelity.html

https://money.usnews.com/money/personal-finance/saving-budget/articles/2017-05-16/8-scary-financial-statistics-and-how-to-avoid-becoming-one

https://www.nefe.org/Press-Room/News/Americans-Confess-to-Financial-Infidelity

https://www.cnbc.com/id/32584468