Chicago Hidden Assets in Divorce Attorneys
The process of dividing assets in a divorce is almost always a difficult matter. Contentious disputes must be resolved, complex assets must be sorted out, and, in some cases, hidden assets must be discovered.
It is not uncommon for a spouse to hide assets, especially when highly valuable items are involved. Typically, hidden assets are either placed in the possession of third parties or behind false documents. Exposure of such assets requires the assistance of legal professionals, forensic accountants, and other relevant experts.
If you believe that your spouse is hiding assets from you in a divorce, contact Nottage and Ward, LLP for legal counsel you can rely on. Our experienced Chicago divorce attorneys have extensive experience handling complicated financial issues in a divorce and can help you obtain your fair share of the disputed assets. To schedule a consultation with us now, call (312) 332-2915.
Few married couples share equal amount of control over the family's finances. In most cases, one of the spouses handles most or all of the bills, investments, and other financial matters. S/he typically has managing power over all joint accounts and other shared assets. During the asset division process of divorce, s/he may use this to his/her advantage and keep certain assets undisclosed.
However, there are instances in which the spouse that manages the couple's finances is not the "breadwinner," and the spouse with the higher income keeps assets and resources away from joint accounts, while putting money aside in case of divorce.
Discovering hidden assets is primarily a matter of knowing where to look. According to financial experts, these are some of the most common ways spouses hide marital assets:
- Undervalued Purchases – Valuable art, jewelry, collectibles, antiques, vehicles, and other personal property.
- Falsified Reports of Income at Tax Time – Since only officially reported income is used in most financial analyses, a spouse may report lower income in order to retain more of his/her actual income for him/herself.
- Overpaying at Tax Time – The amount overpaid to the IRS or other creditors may be recovered after completion of the divorce proceedings.
- Transfers of Assets to a Third Party – A spouse may transfer stock accounts and other assets to a relative, business associate, or dummy company, again, to be recovered after completion of the divorce proceedings.
- Hidden Cash – A spouse may physically hide large amounts of cash in a safety deposit box, in a container beneath his/her bed, and so on.
At Nottage and Ward, LLP, we work with an extensive network of financial advisors to help our clients uncover hidden assets. If you decide to hire us as your legal representatives, we will go through your spouse's financial records with a fine-tooth comb to make sure that you get your full and fair share of the assets. Our legal team is on standby – contact our Chicago office today for immediate legal assistance.
- What Is Forensic Accounting?
- Your Secret Stash of Cash Won’t Be So Secret When Going Through a Divorce
- Here’s Why You Need a Forensic Accountant to Deal with Your Divorce Investments
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