Wheaton, Illinois Divorce Attorneys for Hidden Assets

Lawyers Helping to Uncover Hidden Assets and Divide Property in Wheaton Divorce Cases

There are numerous financial concerns that will need to be addressed during the divorce process, especially in high net worth divorce cases. Some of the most significant challenges that can arise during a divorce may involve hidden assets. When one spouse attempts to conceal property, income, or financial accounts, their actions may affect the division of marital property, and the other spouse may be left at a disadvantage.

At Mirabella, Kincaid, Frederick & Mirabella, LLC, our attorneys work diligently to protect our clients from this type of misconduct. We will take steps to make a full accounting of our client's assets and uncover any financial irregularities. Our goal is to help our client complete their divorce successfully while protecting their financial interests.

Illinois law requires both spouses to provide complete and truthful financial disclosures during the divorce process. When a person has intentionally concealed assets, the court may impose penalties and issue orders to address the imbalance. By carefully investigating financial records, consulting with forensic accountants when needed, and presenting compelling evidence to the court when hidden assets are discovered, we can help to ensure that these issues will be addressed correctly.

The Importance of Full Financial Disclosures

During an Illinois divorce, each spouse has the legal obligation to provide accurate financial affidavits that detail their income, assets, debts, and expenses. Full disclosure is crucial, because this information may be used to determine how to divide marital property equitably while also addressing issues such as spousal support and child support.

When the financial information provided by a spouse is incomplete or inaccurate, this can undermine the fairness of the divorce process. Concealed assets may result in an unfair and inequitable division of property. Courts in Illinois take nondisclosure and attempts to conceal assets seriously. Failing to provide honest information or attempting to hide assets and avoid dividing them with the other spouse can lead to court sanctions or adjustments to how property is divided.

Why Spouses May Attempt to Hide Assets

There are a variety of reasons that spouses may try to conceal assets during the divorce process, including:

• Avoiding Property Division: A spouse may want to keep more than their fair share of marital property by hiding accounts or undervaluing certain assets.
• Reducing Support Obligations: By concealing certain forms of income or other financial resources, a person may attempt to reduce the amount of spousal support or child support that they may be required to pay.
• Retaining Control: Some spouses may hide assets in an attempt to maintain control over certain accounts or investments after their divorce is finalized.
• Emotional Motivations: Asset concealment may be motivated by anger, resentment, or an attempt to cause financial harm to the other spouse.

Common Methods Used to Conceal Assets

Spouses who attempt to hide property or income may use multiple different tactics, including:

• Transferring Assets: A person may try to move funds to friends or family members to hold until the divorce has been finalized. Money may also be moved into hidden accounts to create the appearance that assets no longer exist.
• Undervaluing Property: A person may claim that real estate, business interests, or valuable personal property is worth less than its true market value. By doing so, they may hope to retain ownership of valuable assets.
• Delaying Income: A business owner or a person who receives irregular income may postpone business contracts or attempt to delay bonuses or commissions until after the divorce is finalized.
• Overstating Debts: A person may claim that they are paying debts to family members or other parties with the intent of receiving the money back from those parties after the divorce has been finalized.
• Creating Fake Expenses: A business owner may use shell companies or falsified invoices to reduce their reported income. They may pay a salary to a nonexistent employee, funneling the money into a hidden account.
• Using Cash Transactions: A person may conduct business using cash to avoid creating a paper trail. This may allow them to avoid disclosing income they have earned or assets they have obtained.

How Our Attorneys Can Help Uncover Hidden Assets

At Mirabella, Kincaid, Frederick & Mirabella, LLC, we use a combination of legal strategies and investigative techniques to identify hidden property. Our attorneys may:

• Review tax returns, bank statements, and business records for inconsistencies.
• Issue subpoenas for financial documents that have not been voluntarily disclosed.
• Work with forensic accountants and other financial experts to trace funds and uncover irregular transactions.
• Investigate transfers of property or unusual withdrawals.
• Present evidence to the court to support claims that a spouse has hidden assets and attempted to unfairly influence the division of marital property.

By conducting a meticulous review of financial records, our attorneys will work to ensure that all marital property is accounted for. This approach can strengthen our client's position during negotiations and help the court issue rulings that are based on a complete picture of a couple's finances.

Ensuring a Fair Division of Property

In Illinois, divorcing couples are not required to divide their property equally, but the outcome of a case should be fair and equitable to both parties. When a spouse attempts to hide assets, this could result in the other spouse receiving far less than what they are entitled to. Our attorneys work to prevent this outcome by pursuing full financial transparency. We take steps to uncover all relevant financial information, and we will advocate for appropriate remedies. In some cases, we may argue that our client should receive a larger share of marital property, or we may seek to impose financial penalties on the party who concealed assets.

Contact Our Wheaton, IL Divorce Lawyers for Hidden Assets

If you are concerned that your spouse may be hiding assets during your divorce, the lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC can help you take steps to protect your financial interests. We will provide you with skilled legal representation, working to uncover hidden assets and ensure that all marital property can be divided fairly and equitably. Contact our Wheaton divorce and hidden assets attorneys at 630-665-7300 to discuss these matters in a confidential consultation.