The prospect of hidden assets is a common fear, especially in a high-asset divorce. However, many people might wonder if hidden assets are really something they should worry about when they seek a divorce. After all, the property division process can become a point of tension for spouses with significant assets.
So, should individuals worry about their spouse hiding assets in an Illinois divorce?
The increase in financial infidelity could be a risk of hidden assets
The answer to that question always depends on the situation. However, NBC News reported that hidden assets might not only be a problem in a divorce but in marriage as well. According to a 2019 study, 15 million people across the United States hid a credit card or bank account from their spouse.
Hiding these accounts during the marriage, commonly called “financial infidelity,” has become alarmingly common. And the increase in financial infidelity during the marriage could, in turn, increase the risk of spouses hiding assets when they pursue a divorce.
Be aware of the signs a spouse could be hiding assets
It never hurts to be prepared. With the rise in financial infidelity, individuals should be aware of the signs that their spouse could be hiding assets during their divorce, so they can be on the lookout to minimize risks.
The most common signs that could indicate someone is hiding assets include:
- They claim that business is failing, or that they suddenly received a pay cut, but their spending habits do not change;
- Many expenses are on their business account;
- They exaggerate the debts they owe;
- They insisted on handling the finances alone during the marriage;
- They are incredibly secretive about their finances, even shared accounts; and
- They give significant amounts of money to friends or family, so they can hold the assets for them during the divorce.
Understanding these signs can help spouses take action to recover hidden assets and ensure they obtain a fair property settlement as they enter the next chapter of their life.