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Red Flags That Your Spouse is Committing Financial Fraud During Divorce

DuPage County divorce attorneysMoney-related concerns are often one of the most crucial aspects of a divorce. In Illinois, property is distributed according to equitable distribution laws. Instead of the marital estate being divided exactly 50/50, Illinois courts consider a wide variety of factors and then divide marital property fairly based on the spouses’ economic and life circumstances. However, when the court does not have accurate financial information from a spouse, the divorce settlement may not be equitable. There are many warning signs of financial fraud during divorce that could mean your spouse is attempting to manipulate the divorce process to gain an unfair advantage.

What is Financial Fraud?

A spouse commits financial fraud when he or she does not fully and accurately disclose financial information like assets, income, and debts for the purposes of asset division, child support, and/or spousal maintenance during divorce. One of the most common forms of financial fraud occurs when a spouse hides assets or sources of income. For example, a spouse may “forget” to declare a piece of real estate he or she owns or fail to report all revenue streams. He or she may have hidden funds in an offshore account or use his or her business to conceal assets. Some spouses will also try to manipulate the divorce settlement in his or her favor by fraudulently overstating debts and expenses.

Warning Signs that a Spouse is Lying About Financial Information

In many marriages, one spouse manages the couple’s finances and takes care of paying the bills with little input from the other spouse. It can be especially easy for a spouse to commit financial fraud in a situation like this. Indications that your spouse may be lying about finances include but are not limited to:

  • You notice atypical bank activity, money transfers, or more frequent cash withdrawals
  • Your spouse is giving money or property away without your knowledge or approval
  • Sudden changes in your spouse’s behavior including a change in the level of confidentiality between you and your spouse regarding financial or property-related concerns
  • A change in the quantity and type of mail you are receiving, or mail being forwarded to a new location
  • Your spouse is reluctant to discuss financial information with you or gets angry when asked about financial information
  • You catch your spouse lying about other non-financial matters
  • Your spouse suddenly disallows you access to his or her phone or computer, or quickly closes the screen when you walk in the room

Contact a DuPage County Divorce Lawyer

At MKFM Law, we are committed to helping you uncover financial fraud so that you receive the divorce settlement you deserve. Call our office today at 630-665-7300 to schedule a confidential consultation with an experienced Wheaton hidden assets attorney

 

Sources:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/#286447436fd1

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=0&SeqStart=6100000&SeqEnd=8350000

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From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree