During a divorce, both parties must be transparent about their assets--particularly businesses. However, some spouses may attempt to deceive or minimize the value of their business investments to gain an unfair advantage during settlement negotiations. If you sense your partner is lying about the extent of their corporate property, taking action without delay can be vital for safeguarding your rights and interests.
Legal Requirements for Asset Disclosure in Illinois Divorce Cases
Every divorce must fully disclose all assets, income, and liabilities in the marriage. This mandate is critical to achieving an equitable settlement since it guarantees that both parties will accurately grasp their financial circumstances. Whether those resources are shared or held separately, complete transparency is necessary for a successful resolution.
Failing to disclose assets can result in serious consequences, such as financial penalties, sanctions, and even contempt of court charges. The court may also alter the divorce decree once concealed assets are disclosed.
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