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.
Methods of Hiding Assets
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
Hire a forensic accountant to uncover hidden financial details, or utilize our experts here
Utilize the legal discovery process to request financial documents.
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.