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Crystal Lake Divorce Mediation Attorney Discusses Hidden Assets

divorce decree Crystal Lake Divorce Mediation AttorneyAs your Crystal Lake divorce mediation attorney will explain to you, one of the most frequent issues that occur during high-conflict divorces is when one spouse attempts to hide assets. There are several ways in which your spouse might try to hide assets. There are also several ways in which your Crystal Lake divorce mediation attorney may determine whether your spouse is hiding assets.

How People Try to Hide Assets and How You Can Find Them

Some people will buy things that are either easily hidden or likely to be overlooked. This may include guns, artwork, expensive rugs, and antiques. People often then hide assets by furnishing their offices with them. Make certain you look for these and note them. Your spouse may also not report all of their income on their financial statements or tax returns. Similarly, they may try to hide cash by purchasing traveler’s checks. You should review their bank records to look for a pattern of deposits followed by withdrawals. Your spouse may also try to hide money by investing funds in Series EE Bonds or certificate bearer bonds, which do not appear on account statements. They may also ask their employers to put off expected bonuses, raises, or stock options in order to prevent you from receiving a portion of them. People sometimes also involve their friends by transferring assets to them or pretending to pay back a fake debt. If your spouse has a boyfriend or girlfriend, look for any payments they may have made for their rent, tuition or gifts for them. Finally, your spouse may have a retirement account of which you have no knowledge.

Additional Things Business Owners May Also Do to Hide Assets

If your spouse owns their own business, they may try to hide assets in several additional ways. They may skim money from the business to make it appear as if their business is less profitable than it really is. They may also have done things like writing checks to an employee who doesn’t exist, then voiding out the checks after your divorce is final. Your spouse might pay money from the business to one of their close friends or family members for work that was never performed, with the idea that the person will give the money back to them once your divorce is final. Finally, your spouse may put off signing new business contracts as a method of reducing the overall value of the business.

Contact a Crystal Lake Divorce Mediation Attorney

When you are going through a divorce, it is important that you understand the full extent of your spouse’s assets, interests and holdings to make certain you receive your fair settlement amount in the property division. An attorney may be invaluable in locating these assets by using investigators or forensic accountants. They may make witnesses answer questions at depositions. To contact a Crystal Lake divorce mediation attorney at the Stetler Law Group, call (815) 529-4554.