What Are the Common Types of Hidden Assets?

 Posted on August 21,2023 in Divorce

You should be aware of the common types of hidden assets that your spouse may be trying to hide from you when going through a divorce. Hidden assets are assets that your spouse either does not disclose to you or that they intentionally keep secret from you.

Bank Accounts

One of the most common types of hidden assets is a secret bank account opened in your spouse's name or in the name of a fictitious person. They may also have made large deposits into the account in cash or by writing checks from another account that you do not know about.

Investments and Business Interests

Another commonly hidden asset is investing in stocks, bonds, or other securities that your spouse has not disclosed to you. They might have transferred assets into a trust or other entity that you do not know about. If your spouse owns a business, they may be trying to hide assets from you by transferring them to the business or by undervaluing the business.

Real Estate and Personal Property

A spouse may have bought or sold real estate without telling you. It is possible to have taken out a mortgage on a property without your knowledge. Your spouse may be trying to hide personal property such as jewelry, art, or antiques, moving them to a safe deposit box or to a storage unit without telling you.

Life Insurance Policies

Your spouse could have taken out life insurance policies on themselves or on you without your knowledge. They may also have changed the beneficiary of a life insurance policy without you knowing.

How Can I Identify Hidden Assets?

You should talk to an experienced divorce attorney if you suspect that your spouse is hiding assets. They can help you investigate your spouse's finances and take steps to protect your interests. Some additional things you can do to help identify assets your spouse may be hiding include:

• Reviewing your spouse's financial statements, such as tax returns, bank statements, investment statements, and any other financial documents that they have provided to you.

• Talking to your spouse's friends, family, and co-workers, as some may be able to provide you with information about your spouse's financial dealings.

• Hiring a private investigator to help you track down hidden assets and gather evidence of your spouse's wrongdoing.

• Searching public property, court, and business records. You can also use asset tracing software to help search financial databases.

What Should I Do if I Discover Any Hidden Assets?

You may be able to file a motion with the court to have the assets disclosed. You may also be able to ask the court to order your spouse to pay you back for any assets that they have hidden.

It is important to remember that hiding assets is illegal in the state of Illinois, and is seen as a form of fraud that can result in both civil and criminal penalties. Your ex may even be ordered to pay you back for the assets that they have hidden.

Contact a Wheaton, IL Divorce Attorney

If you are going through a divorce in DuPage County and you suspect that your spouse is hiding assets, it is important to take immediate action. You should talk to an experienced DuPage County, IL divorce attorney who can help you investigate your spouse's finances and take steps to protect your interests. The attorneys at Andrew Cores Family Law Group can assist you in your investigation. Dial 630-871-1002 for a free consultation and to discover your options.

Source: 

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.ilga.gov/legislation/ilcs/documents/072000050K16-1.htm