Can Your Spouse Be Punished for Hiding Assets During Divorce?

 Posted on April 03, 2025 in Asset Division

Illinois is an equitable distribution state, meaning the law requires fair property division during divorce. Hiding assets to avoid losing all or part of them is illegal in the state and will sometimes have devastating consequences. Seeking the help of a Wheaton, IL divorce attorney is a key component of finding hidden assets and protecting your right to a fair share of marital property.

What Does Illinois Law Say About Hidden Assets?

Illinois law mandates the full disclosure of all financial information, including assets, income, and debt, during divorce proceedings. Unfortunately, spouses sometimes hide assets to retain ownership of property that would otherwise be divided or to minimize their support obligations. This is more common than you may expect in cases involving complex property division.

Failing to abide by the state’s disclosure requirements or lying under oath about assets is perjury. Both parties must provide financial affidavits containing truthful information or risk severe penalties.

What Are the Penalties for Hiding Assets?

The risks associated with lying about assets under oath significantly outweigh the assumed gain. The penalties for concealing assets under Illinois law include:

• Losing ownership: The judge may award the entire value of the hidden property to the other spouse to account for the deceit, even if the asset was originally separate property.

• Covering fees: The responsible spouse will have to pay all legal fees and court costs related to discovering the hidden property.

• Paying fines: The court may impose fines of up to thousands of dollars for obstructing justice and committing perjury.

• Reopening a divorce settlement: If hidden assets emerge after a divorce settlement, the court may reopen the order to litigate it again.

In cases involving multiple proven acts of deceit, the guilty party could face jail time, but these instances are rare.

How Do They Uncover Hidden Assets?

Discovering hidden assets can be a complex process. You may need to subpoena records from financial institutions and investigate tax returns and expenditures for signs of misrepresented income. Legal representatives will sometimes initiate interviews with people close to you and your spouse to gather information. These cases can require forensic accounting and the extensive investigative commitment that a seasoned attorney could navigate with precision.

Schedule a Free Consultation With a Wheaton, IL Divorce Attorney

Divorce is an inherently difficult process that is often emotionally and mentally draining. While there is little an attorney can do to alleviate the personal stress, at Andrew Cores Family Law Group, we can help you understand what you are entitled to under Illinois law. Call 630-871-1002 to schedule a free consultation with a DuPage County, IL divorce lawyer to learn more about asset division today.