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posted on 5/15/22

Divorce rarely brings out the best in people. It can be devastating to have to dissolve not only a marriage, but also an entire life that you spent years building. Emotions are often high, and, while you may feel that you can trust your partner, you may be surprised at the lengths that some people will go to in an attempt to try and hide or remove assets before and during a divorce to avoid having them split or equitably distributed. Luckily, there are steps that you can take to ensure that you are getting a divorce settlement that is fair and accurately reflects and compensates your contributions to the marriage.

Steps for Uncovering Hidden Assets in a Divorce

  • Don’t assume nothing is hidden. This is a trap that many spouses fall into. It simply never occurs to them that their spouse would be capable of making off-shore accounts or that they would go out of their way to conceal assets. However, it is always better to be safe than sorry. Considering that this is a possibility allows you to perform your due diligence and ensure that you are both getting a fair divorce settlement.
  • Consult with an attorney as early as possible. Of course it makes sense to talk to your spouse about a divorce first, but if there is a possibility of hidden assets, it may be a better move to talk to a lawyer first, preferably as soon as you start considering divorce. This will allow you to find out exactly what steps you need to take and start looking into your shared finances before any red flags have been raised.
  • Review all financial statements. Review financial statements for any inconsistencies, or consistencies. For example, if the bank statements reflect that your spouse has been withdrawing money from a shared account consistently, they may be transferring that money to their own account, or doing so in an attempt to deplete marital assets. Inconsistencies may involve large sales or transfers of money, or high-value purchases. Transfers to a third-party should also raise an eyebrow and merit additional investigation.
  • Don’t take their word on financial information. Your spouse may tell you that they have a certain amount in retirement, in a checking account, or in stock options, but do not take their word for it. Instead, make sure to get documentation for absolutely everything and confirm that the documentation is legitimate and from the financial institution. If your spouse cannot or will not provide the necessary financial information, a lawyer can help you to get it.
  • Hire a forensic accountant. Particularly if you are involved in a high-asset divorce or if your review of the financial statements reveals anything abnormal, it is important to consult with a forensic accountant who can do a deeper dive on your finances.
  • Gauge your spouse’s cooperation. If your spouse is unwilling to provide all necessary and requested financial documents, it is time to get a lawyer involved. If your spouse cannot be trusted to provide the necessary documents, this is likely not something that can be done amicably, and should instead be litigated in court where your lawyer can acquire the necessary information through discovery.

Contact Glasgow & Olsson Divorce Trial Lawyers

If you need representation for a divorce or child support matter in Cook County, Glasgow & Olsson is here to help. When you need an attorney, experience matters. Contact us today to learn how our experience can get you the results you deserve.