Five Ways a Spouse May Hide Assets in a Geneva Divorce Case
During a divorce, it is crucial that the assets of both parties are openly shared and considered for matters such as dividing assets and setting a financial limit for spousal support. But what happens if a spouse is hiding assets? There are a few ways people tend to hide finances, whether physical items or money. If you are suspicious that your spouse is hiding income or assets as you prepare for a divorce, reach out to an attorney that is prepared to uncover any hidden assets and fight for your right to an equitable divorce. Here are five signs that your spouse may be hiding assets.
Overpaying Taxes
By overpaying your taxes, the United States Internal Revenue Service (IRS) will refund the excess money back to you. If your spouse has been overpaying their taxes, it may be a sign that they are hiding the extra money returned to him or her. This process is essentially a way to receive money in the future without having to share it during the divorce.
Failing to Report Commission, Tips, or Financial Bonuses
When someone chooses not to report extra income they are receiving, such as tips or commission that is separate from their typical income, they can easily hide that money from a spouse or attorney. Most of the time, a spouse will have a general idea of how much money his or her partner makes, especially if they have shared expenses such as a mortgage or car payments. However, a spouse can easily pocket bonuses from work by failing to report them, which leaves the other partner unaware of these funds.
Hiding Stock Options or a Pension
An additional way that a spouse may hide their assets from their partner during a divorce is by being secretive regarding investments. Since investments aren’t always calculated into the typical income he or she may earn from work, a spouse may choose not to disclose extra money coming from stock options of their pension. By doing this, they are hiding an important financial asset and could face legal penalties.
Claiming a Salary Decrease at the Same Job
Often, dividing assets during a divorce involves disagreement. When a couple is preparing for a divorce and has been separated for a period of time, one partner may choose to claim a change in employment location or salary, even if this isn’t the case. By lying about employment, that spouse may be able to hide money from their paycheck from his or her partner during the divorce.
Failing to Disclose Overtime
Working overtime typically results in a higher paycheck. If a spouse wanted to hide any extra income from working overtime or during a holiday, he or she may choose to claim there was a lack of overtime. By doing this, the partner will be able to claim their income is consistent with his or her typical pay rate and hide the extra money made during overtime from the other spouse.
Find an Experienced Geneva, Illinois Divorce Lawyer
Hiding income during a divorce is not only morally wrong, it is also illegal. If you suspect that your spouse is hiding income or assets during your divorce, it is critical to speak with an aggressive divorce attorney that will uncover hidden information and fight for your right to a fair divorce agreement. At The Law Offices of Douglas B. Warlick & Associates, our attorneys are skilled in divorce and family law. Call us today at 630-232-9700 for a consultation.
Source(s):
https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000
https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000
