As part of the divorce process, a judge will determine how assets will be distributed based on a court decision or agreement. If both spouses are unaware of the assets and debts involved in the divorce, the distribution cannot be fair. A spouse anticipating a divorce may try to hide assets from his or her spouse to exclude them from consideration during the divorce. The state requires parties to file a financial statement, which they swear contains accurate and complete information.
If you suspect your soon-to-be-ex of not being truthful about his/her income, investments, liabilities, or other aspects of their financial situation, you can:
Examine Tax Returns
When filing a joint tax return, the spouse earning the most income usually files it. You may not have thoroughly reviewed the document even though it bears your name. It is smart to have a professional examine the tax return, W-2, and 1099 forms, along with the financial disclosure affidavit to determine if there are any unreported assets or if money is being paid illegally to your spouse.
Review Business Transfers
In the weeks leading up to the divorce, business transfers may have to be reviewed thoroughly. A transfer of assets like these could shield assets from equitable distribution.
Inquire directly with financial institutions
If you suspect that your spouse may have secret accounts or money stored away, you can request a subpoena for the relevant record from the bank.
Consider Investigating friends or relatives
A married individual who has had an affair might transfer assets to their girlfriend or boyfriend to protect them from the spouse they’re leaving. In some cases, even if your spouse isn’t seeing anyone else, they may ask a family member or friend to hold funds or property until the divorce has taken place.
The divorce process marital asset division can be a complex and continuous procedure. Even in cases where there has not been any suspicious or improper behavior. The experienced divorce lawyers at The Law Offices of Robert Elovitz in Edwardsville, IL have the resources, skill, and drive to expose hidden assets in pursuit of a fair division of marital property. Call us now for a consultation about your situation.