Financial Fraud in Your Illinois Divorce Case

 Posted on March 09, 2023 in Divorce

Finances affect nearly every aspect of a divorce case, including property and debt division, child support, and spousal maintenance. To properly address these issues and end their marriage, divorcing spouses must provide a full accounting of their wages, property, debts, and expenses. Financial transparency during divorce is not only ethical, but it is also required by law. Spouses who hide money or property, lie about their earnings, or fabricate financial data can face serious penalties and may even be held in contempt of court.

How Do Spouses Misrepresent Finances in a Divorce?

Divorcing spouses who want to gain an advantage in a divorce case may lie about their financial circumstances. For example, a parent who is required to pay child support may report income from one job, but not the “under the table” cash earnings he or she gets from a second job.

Spouses may hide money or property by temporarily transferring the property to friends or family, relocating funds to offshore accounts, or even purposefully overpaying the IRS. Business owners, entrepreneurs, and individuals with complex financial portfolios often have abundant opportunities to misrepresent their financial situation. They simply adjust the numbers to make their financial situation look bleaker than it actually is. They often do this in hopes of getting a greater share of the marital estate during property division.

Signs That a Spouse is Lying About Financial Information During a Divorce

Sudden changes in spending and saving habits, large purchases, and unusual financial transactions may be signs that a spouse is trying to pull the wool over your eyes. A spouse who is hiding assets may change all the passwords to online banking accounts or reroute mail to a P.O. box. He or she may refuse to discuss finances or claim not to know the answers to seemingly simple questions.

What You Can Do About Financial Fraud

If you think that your spouse is lying about his or her income, inflating debts and expenses, or hiding assets, make sure to contact an experienced divorce attorney. Your lawyer can help you fight for a fair settlement that takes into account the true financial circumstances of both parties. A skilled attorney may use discovery tools and subpoenas to gather financial documents and information or work with financial experts such as forensic accountants to uncover the truth.

Call our Geneva Divorce Attorneys for Help

Your divorce outcome should be based on complete, accurate financial data. If your spouse is trying to hide money or property from you, contact Serrano Hanson for legal help. Our knowledgeable Kane County divorce lawyers can provide the legal representation and help you need. Call 630-844-8781 for a confidential consultation.

Source:

https://www.illinoiscourts.gov/forms/approved-forms/forms-approved-forms-circuit-court/financial-affidavit/