During divorce proceedings, spouses have to split up their property. For some couples, asset distribution is fast and simple. They already negotiated an agreement with one another setting certain property aside as separate or establishing clear standards for asset division if they divorce.
For many couples, there are no pre-existing arrangements. They either need to negotiate with one another in family court or prepare for litigation. Illinois rules require a fair distribution of property and debts. Some people try to circumvent equitable distribution rules by hiding assets from their spouses and the family courts.
How can people find hidden assets and demand financial accountability during Illinois divorce proceedings?
By gathering financial evidence
The courts typically do not consider marital misconduct when dividing property. However, lying about personal resources on formal court paperwork is one of the rare exceptions to that rule.
In situations where one spouse intentionally undervalues or does not include valuable assets on their disclosure documents, the other spouse may be able to ask the courts to hold them accountable for that behavior. Of course, they need proof if they expect the family courts to take financial misconduct into consideration.
Frequently, spouses who have larger, more complex marital estates need the help of a forensic accountant to track income and determine if there was an attempt to hide assets. A thorough review of disclosure documents and household financial records can help prove that one spouse diverted money from shared accounts or has not disclosed assets acquired with marital income.
By properly valuing assets
In addition to tracking down hidden bank accounts, spouses may need to show that there is a pattern of intentional misrepresentation on disclosure documents. Those who significantly undervalue their resources might hope to manipulate the way that the courts allocate other marital assets and shared debts.
Working with professionals to determine what resources like businesses and real property are actually worth can help people demand accountability and pursue a fair outcome during property division proceedings. Spouses who have proper support during asset division negotiations are in the best possible position to secure a fair outcome.
Those who worry about the risk of hidden assets may need help looking for signs of financial misconduct and providing information to the courts about hidden assets during divorce proceedings. Seeking legal guidance is a good way to get started.
