Finding Hidden Assets during Your Divorce

 Posted on April 03, 2015 in Uncategorized

There are two types of property that a married individual may have: marital property and separate property. Separate property is anything that an individual owned before getting married or received as a gift or through inheritance. Marital property is the property that a married couple purchased or created together during the course of their marriage, such as their home or a joint savings accounts. During a divorce, the couple's marital property is divided among them according to Illinois' equitable distribution rules included in the Illinois Marriage and Dissolution of Marriage Act. This law states that unlike in community property states where marital property is divided 50/50, Illinois couples may have their property divided according to what the court determines each partner contributed to the property. This results in settlements that are not necessarily completely equal, but are tailored to the couple's unique circumstances and needs.

When one partner hides or attempts to hide assets from his or her spouse, the couple's property cannot be fairly divided. Fortunately, there are methods in place that attorneys may use to discover hidden assets.

Ways to Discover Hidden Assets

There are many ways an attorney can determine if his or her client's spouse is hiding assets from him or her. Some of the ways an individual might hide assets from a spouse include:

• Making tangible purchases with money from a joint savings account. This may include vehicles, art, clothing, or personal items of high value such as computers and other electronics;
• Underreporting business income;
• Paying nonexistent employees or friends for services that were never actually rendered;
• Moving money into other accounts, such as a child's bank account; and/or
• Purchasing traveler's checks and using them as a way to store money without reporting it.

An attorney may work with the court to require an individual to do any of the following to prove whether he or she is hiding assets:

• Respond in writing to an interrogation, which is a series of written questions asking about one's assets and finances;
• Requiring him or her to show tax returns, balance statements, and loan applications; and/or
• Requiring him or her to attend an oral deposition. At an oral deposition, both spouses and their attorneys attest to the court about their assets and answer all questions the court has about these assets.

Talk to your attorney about your rights regarding your marital assets and whether or not specific pieces are considered to be separate or marital property.

Experienced Divorce Attorneys in Kane County

Goostree Law Group proudly serves clients in Kane County by providing top quality legal representation and advice. If your spouse is hiding assets, you deserve to have those assets brought to light and fairly divided between you and your former partner. Do not allow him or her to take advantage of the situation and keep you from getting your fair share of your marital assets. Contact our skilled Kane County divorce attorneys today to begin working together to ensure you receive a fair divorce settlement.