Dirty tricks your ex might play to hide marital assets

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Dirty tricks your ex might play to hide marital assets

On Behalf of | Jun 12, 2018 | Firm News

With a large home, a cabin on the lake, recreational vehicles and plenty of bonuses, you and your husband enjoyed a comfortable life. Unfortunately, your comfort may be nearing an end with your impending divorce. The property you and your husband accrued during your marriage should be divided in a way that is fair and beneficial to both of you, according to Illinois law, but you worry that your soon-to-be-ex might not be honest about his assets and income.

This is a valid concern, since you stayed home during the marriage to raise the children and manage the household. You have been out of the job market for years, and your employment skills are outdated. You worry that you and your children’s quality of life will suffer, especially if your ex is dishonest about reporting assets. This could have a negative impact on the amount of spousal and child support you receive.

Financial experts are savvy in the different ways spouses conceal marital property from the court. Your ex might try the following tactics:

  • Diverting funds from your joint bank account to an account you don’t know about or to a friend to “borrow” until after the divorce is final
  • Selling assets when the marriage is in trouble but not being honest with you about the profit he made
  • Putting off a bonus or promotion until after the final divorce decree
  • Reporting a minimal income to the court but posting pictures on social media of exotic trips, lavish purchases and expensive outings
  • Charging purchases to the company account

You and your children deserve adequate support during the difficult time following your divorce, when you complete your education or enroll in training to update your skills. It may help to seek assistance from a financial advisor and others who have experience in unearthing marital property your ex might try to conceal.

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