How to Reveal Hidden Assets in a High Net Worth Divorce

 Posted on April 06, 2021 in Kane

One of the most crucial aspects of a divorce case is the disclosure of financial information. Without a full and accurate accounting of a couple’s assets and liabilities, it is difficult to make fair decisions regarding property distribution, child support, and spousal maintenance.  If you are considering divorce and you or your spouse have a high net worth, the stakes are even higher. Identifying and evaluating the assets, income, and revenue are key to ensuring that the terms of your divorce are based on factual financial information.  

Common Methods Spouses Use to Falsify Financial Information in a Divorce

Per Illinois law, spouses are entitled to an equitable share of the marital estate in a divorce. Before the marital estate can be divided, an inventory of each spouse’s assets, income, and debts should be made. One of the first steps in any divorce case is financial disclosure. Some divorcing spouses “forget” to include sources of income or assets on their financial affidavits. Others actively hide assets by transferring the asset to a friend or colleague or physically hiding cash or valuables in safety deposit boxes or around their home. Business owners may alter business records, delay invoices, or temporarily lower prices to create the illusion of a failing business.

If it is discovered that a spouse lied about financial data in an attempt to gain an unfair advantage during divorce, the innocent spouse may be awarded a larger share of the marital estate. The spouse who lied may even be held in contempt of court.

Searching Financial Documents for Clues of Financial Deception

During discovery, a divorce lawyer will use various formal requests and questions to gather financial documents and other evidence. Requests for production, interrogatories, and admissions of fact are some of the most commonly used tools for revealing hidden assets during divorce. Tax documents are a common source of clues during an investigation. For example, a spouse’s tax return may show interest from assets that do not appear on the spouse’s financial affidavit or deductions that expose hidden real estate investments. Divorce lawyers often work closely with financial experts such as forensic accountants or business valuation analysts to reveal hidden assets and get their clients a fair divorce settlement or verdict.

Contact a Kane County High Net Worth Divorce Lawyer

If you are getting divorced, you have a right to a fair share of the marital property. You also deserve child support and spousal support determinations that are based in truth. For help exposing financial deception and asserting your rights during divorce, contact a skilled St. Charles divorce attorney at Mirabella, Kincaid, Frederick & Mirabella, LLC. Call us at 630-665-7300 for a confidential consultation today.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/