Illinois divorce attorneys have a number of ways of finding hidden marital assets. This is because it is fairly common for one spouse to try to conceal funds from the other in the hopes of not having to share. Illinois law clearly states that nearly all property a married couple obtains during the marriage is marital property, regardless of whose income was involved. Placing money or property in a separate account is not enough to make it not marital property. If you suspect that your spouse is keeping assets hidden from you, it is important to tell your divorce lawyer immediately so that they can begin conducting a search. Your divorce may be paused while your lawyer works to uncover secret assets using strategies like hiring a forensic accountant or using internet-based investment tracking resources. 

Look for Missing Money

One of the simplest ways to determine whether your spouse might be hiding money is to try to account for your marriage’s finances. Does the amount of income equal the amount of expenditures plus the amount of money saved? If not, your spouse is likely either hiding money or using money for a purpose you would not approve of. 

Also, look for suspicious cash withdrawals from the bank or transfers out of investment accounts. If your spouse suddenly starts taking cash out or selling stocks without saying anything and does not have a verifiable explanation for why, suspicion would be warranted. 

Trust is essential in a marriage. If you suspect that your spouse is hiding assets, it is fairly clear that there is little trust remaining in your marriage. If you are also contemplating divorce, it is important to know whether your spouse has assets you do not know about but may have a claim to. It is fairly common for people who suspect that their spouse is going to leave them to begin concealing money or other valuable property in the hopes that they will be able to keep it all in the divorce. Illinois law requires all marital property to be divided equitably between spouses and considers almost all property acquired after marriage to be marital property. If you suspect that you do not know about all of your marital assets, your divorce attorney may be able to take steps like bringing in a forensic accountant to reveal any hidden money or property. 

How Can I Tell if My Spouse is Hiding Marital Assets? 

Proving whether your spouse is concealing assets might take the work of an attorney or another professional. However, a few signs that may suggest your spouse has hidden assets may include:  

• Financial correspondence - If your spouse starts receiving mail or e-mails from a bank, investment firm, or other financial institution you are unaware of having an account with, it could be because your spouse is attempting to conceal their financial activity. 
• Spending from unknown sources - When your spouse makes a purchase - especially a luxury one - make sure you know where the money came from. For example, if your spouse buys a jet ski but you do not see the transaction on any of the bank accounts or credit cards you know about, your spouse may have used a hidden fund. 
• Missing money - If your spouse starts taking out large amounts of cash and you are unsure where that money is going, your spouse might be trying to build up a secret personal account. 
• Giving excuses for financial loss - Many people hiding money from their spouse devise various excuses to explain why money is disappearing. They may claim they had a pay decrease, a bad investment, or had to give a substantial amount to help a friend or family member. 

If you notice one or more of these signs, it is likely worth investigating further to determine whether your spouse has hidden assets. 

When you sign a divorce agreement, you are determining now how future child-related expenses will be allocated between the parents. One large future expense that can be an issue in divorce proceedings is college tuition. Divorced parents may be required to pay for college tuition, even if that child does not live at home and even if the parent does not agree that the child should attend college. This may seem unfair, but you should account for this during the divorce negotiations in order to avoid unpleasant surprises.

Illinois Law on Educational Expenses

If you do not agree to pay your share of college expenses (or professional education) now, the court may consider it as a factor in the equitable distribution of the marital property. Under the Illinois Marriage and Dissolution of Marriage Act, a court may award money from the assets or income of a parent to pay for educational expenses for the child through the age of 23 (and, in some unusual cases, through age 25). This would obviously include college tuition expenses. 

However, it is not easy for parents of even high-school aged children to anticipate the future cost of their child’s education or even whether the child will eventually attend college at all. Parents can include a clause in their divorce decree concerning how a child’s educational expenses will be handled, but they may later petition the court to  modify it if either parent’s financial circumstances have changed.

When going through a divorce, one of the most important steps is to ensure that all assets are identified and properly divided. However, some spouses may attempt to hide assets in order to avoid having to divide them in the divorce settlement. If you suspect that your spouse may be hiding assets, there are several steps you can take to uncover them. First, remember to hire a divorce attorney to ensure you understand your rights and the options at your disposal.

Take These Steps Now

The first step is to gather financial records and documentation. This can include bank statements, tax returns, investment account statements, and any other financial documents that may be relevant. Look for discrepancies or unusual transactions that indicate that your spouse is hiding assets.

Next, strongly consider hiring a forensic accountant or financial investigator. These professionals are trained to uncover hidden assets and analyze financial records to identify irregularities or discrepancies. They may also be able to provide testimony in court if needed. You can also consider hiring a private investigator. They can help gather evidence of your spouse’s financial activities, such as bank account information, property ownership, and other financial records.

When it comes to owning a business, whether it be a startup, a franchise, a family business, or an established company, having an accurate business valuation is essential when going through an Illinois divorce. An accurate valuation can help to ensure that each of the parties within the divorce can receive fair settlements and a fair split of any debt sustained during the marriage. 

Valuation Paves the Way for Asset Division in Divorce 

Illinois is an equitable distribution state, meaning that any marital assets will be split fairly. If the business in question was started before the marriage, then it would likely be considered a non-marital asset. If the business was acquired during the marriage, then it will be considered a marital asset. However, determining ownership is rarely this straightforward. 

Spouses who can negotiate a property division agreement and avoid the courtroom can save time and money. However, they must understand what the business is worth before addressing it during property division. If the case is litigated, an accurate business apprasial will be needed to be sure that each party receives a fair share of the business.