If you are contemplating divorce, you may have some concern about future finances. After all, you may have to adjust to life on a single income. While you may be eligible for spousal support, you should also receive some part of the marital estate. This may put your mind at ease.
Illinois law takes an equitable approach to property division. That is, you should receive a fair share of marital wealth, even if you may not get exactly 50% of what you and your spouse jointly own. Regrettably, though, if your soon-to-be-ex-spouse wants to gain an unfair advantage, he or she may try to hide assets. Here are three common places to do so:
Your partner may loan money to family members, friends or business associates in the months before your divorce. After your divorce concludes, your spouse may collect repayment and keep it for himself or herself. If the funds are marital assets, however, at least part of them probably belongs to you. Therefore, it is important to scrutinize loans carefully.
2. Physical objects
There is nothing inherently wrong with buying artwork, furniture, antiques, collectibles or essentially anything else. Your partner may, nonetheless, buy things that do not interest you. He or she may then sell items after your divorce and keep the cash.
3. Business ventures
Starting and growing businesses are often effective ways to realize the American dream. If your partner begins a business venture during your marriage, the business may be a marital asset. Nonetheless, your husband or wife may try to hide marital wealth inside the company. A forensic accountant may help you locate assets your partner hides, fortunately.
Finding hidden assets can be somewhat challenging, although it is not impossible. By recognizing where a financially interested spouse may try to hide assets, however, you can better advocate for your legal and monetary interests.