Divorce is contentious, stressful, and complicated. This is especially true if you believe your spouse is hiding assets from you, thereby preventing you from obtaining your fair share.
By going over the penalties for hiding assets in a high net-worth divorce and speaking with a Barrington high net-worth divorce attorney, you can obtain your fair share of the assets you and your spouse share.
Watch the attorneys at Glasgow & Olsson discuss high net-worth divorce on YouTube and Tik Tok.
What Is A Hidden Asset?
A “hidden asset” is an item of value that is not found within financial records.
Just as an example, if you are married to someone and they own several homes, yet those homes cannot be found in their official records tendered in discovery to the other party, then these homes can be considered hidden assets.
If your spouse is hiding assets in a divorce, then they are violating the equitable distribution laws that govern the state of Illinois. On top of that, they are likely committing several criminal acts.
What Are The Penalties For Hiding Assets In A Divorce?
If your spouse hides assets, in order to prevent those assets from being divided, then they can face a number of different consequences that lead to different penalties.
Out of all the consequences that can arise from hiding assets in a divorce, the most notable are as follows:
- Being forced to give more of their assets to you.
- Perjury.
- Contempt of court.
Regarding “perjury” and “contempt of court,” both of these can lead to criminal penalties.
Just as an example, Contempt of Court can have a penalty of up to six months in county jail for each time they perjure themselves. The criminal charge of perjury can lead to a prison sentence of up to five years in prison. On top of that, perjury can also lead to your spouse being ordered to pay a fine of up to $25,000 to the state.
Outside of those two criminal consequences, if your spouse is forced to give more of their assets to you, then you may receive more assets than you would normally receive.
What Should You Do If You Believe Your Spouse Is Hiding Assets?
If you believe your spouse is hiding assets, the best thing you can do is to work with an attorney.
By working with an attorney, you can get a good idea of the situation that is occurring. Right after doing so, you and your attorney can take the appropriate legal action.
A good example of this is “discovery.” By engaging in discovery, you and your attorney can discover the assets that your spouse may have hidden.
Right after finding these assets, you and your attorney can obtain a “financial temporary restraining order.” This restraining order can prevent your spouse from making significant changes to the assets that were discovered. If your spouse has secreted these assets and you have no control over them, the Court can issue a disgorgement order. This forces them to return the property, which is usually held in trust by the parties during the pendency of the proceedings.
You can learn more about what your attorney will do for you, if you believe your spouse is hiding assets, by watching the video linked right here.
Get Qualified Legal Help Today
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 a Chicago high net-worth divorce lawyer at Glasgow & Olsson today to learn how our experience can get you the results you deserve.