Undisclosed Income and Hidden Assets in Your Geneva Divorce Case

 Posted on April 21, 2023 in Divorce

Financial disclosure is an essential part of the divorce process. Whether spouses are able to work out a divorce settlement without the court’s involvement, or the case goes all the way to trial, no decisions can be made without complete financial information.

However, some spouses fail to disclose truthful financial data during the divorce. They lie about their income or the sources of income, undervalue assets such as business interests, or fail to disclose property or funds.

If you are getting divorced, make sure you are truthful on your financial disclosure forms. Financial fraud can have significant legal consequences. Additionally, look for warning signs that could mean your spouse is hiding assets or failing to disclose income during the divorce. If your spouse is not truthful about financial matters, it can significantly impact the divorce outcome.

Ways Spouses Lie About Finances During Divorce

One of the most common ways that a spouse tries to hide assets during a divorce is by simply failing to disclose all assets. A spouse may have money saved in an offshore bank account that the other spouse does not know about. They may have safety deposit boxes with expensive jewelry or other items.

Some spouses transfer assets to friends or family under the guise of paying back a loan. They delay bonuses and commissions at work until after the divorce. Business owners may fabricate business financials to make it appear as if the business is worth less than it is.

Divorcing spouses who have multiple jobs or are self-employed may receive payments in cash and fail to disclose the income, making their net income appear much lower than it actually is.

Signs Your Spouse is Hiding Assets

A spouse who is trying to manipulate the divorce by failing to disclose income, lying about finances, or hiding assets may become very upset or secretive when financial matters are discussed. He or she may change the passwords to online bank accounts, transfer all of the money from one bank account to another, or make frequent cash withdrawals.

If you think that your spouse is trying to pull the wool over your eyes, make sure to work with a skilled divorce lawyer. Your divorce settlement, child support order, spousal support order, and other outcomes of the divorce should be based on accurate financial information.

Contact Our Kane County Divorce Attorneys

At Serrano Hanson, we recognize that Some spouses are less than truthful during the divorce process. Our Geneva divorce lawyers are committed to protecting your rights and providing the legal representation you need. Call our office today at 630-844-8781 to set up an initial consultation and discuss your needs.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000