Hidden Assets in Divorce & Your Legal Rights

Unveiling Secrets: Safeguarding Your Rights by Exposing Hidden Assets in Divorce

Unveiling Secrets: Safeguarding Your Rights by Exposing Hidden Assets in Divorce

Uncovering Hidden Assets in Divorce

Facing a divorce involves the often complex task of dividing assets, and it is crucial for both spouses to fully disclose their financial holdings. Unfortunately, some spouses may attempt to conceal assets during divorce proceedings, which can have significant consequences. Assets that are concealed are often called hidden assets in divorce.

 

At The Muller Firm, LTD, our experienced Chicago divorce attorneys are dedicated to ensuring that your rights are protected and that hidden assets are uncovered.

Signs Your Spouse May Be Hiding Assets

Undervalued assets

Claiming assets are worth less than you remember.

Low reported income

Providing an income figure lower than actual earnings.

Reluctance to share details

Hesitating to disclose financial details.

If you notice any of these signs, your spouse may be attempting to hide assets, especially in high net worth divorces or those involving business ownership.

Methods of Hiding Assets

Business manipulation

Owners may delay profitable deals until after the divorce or fabricate business expenses.

Trusts and gifting

Setting up trusts or giving money to be returned after the divorce.

Involving third parties

Using family or friends to facilitate hiding assets.

Supporting a new partner

Using marital assets for a new relationship, depleting resources for division.

Discovering Hidden Assets

Forensic Accountant

Hire a forensic accountant to uncover hidden financial details, or utilize our experts here

Discovery Process

Utilize the legal discovery process to request financial documents.

Deposition

Question your spouse or others with knowledge of their financial affairs under oath.

Even without a forensic accountant, your divorce attorney can employ various legal methods to uncover hidden assets, such as written discovery, depositions, and property access.

Penalties for Hiding Assets

Courts take hidden assets seriously. If a spouse is caught hiding assets, penalties may include:

  • Financial restitution: The hiding spouse may be required to pay the concealed amount to the other.
  • Potential jail time: In some states, continued hiding of assets may lead to imprisonment.

 

At The Muller Firm, LTD, we are committed to ensuring that your rights are protected in divorce proceedings. If you suspect hidden assets, our skilled attorneys will work to uncover the truth and pursue a fair division.

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