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St. Charles divorce attorney hidden assets

One of the most crucial parts of an Illinois divorce is the submission of each spouse’s financial affidavit. The financial affidavit is where you will list your income, assets, debts, and expenses. It is often the first divorce-related document on which a deceptive spouse may lie. Divorcing spouses have many reasons to fabricate financial information during a divorce. Some are hoping to lower the amount their spouse receives in a property division settlement. Others are hoping to reduce the amount they pay in spousal support or child support. If you are getting divorced in Illinois, it is important to be watchful for signs of hidden assets and other financial deception.

Manipulating the Outcome of the Divorce by Hiding Assets  

Spouses are expected to disclose all of their assets and income. Some spouses intentionally leave out sources of income in order to artificially reduce their net worth. There are many different ways that a spouse may attempt to sway the divorce decree in his or her favor. A spouse may “forget” to include sources of income or certain property on his or her financial disclosure. He or she may undervalue assets, create fake expenses, lie about business revenue, transfer property to friends and family, or intentionally overpay the IRS. Some spouses hide assets by literally hiding cash in their home, office, or safety deposit box.

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