When Hidden Assets Make A Divorce More Complex
The more complex marital assets are, the more opportunities there are for either spouse to hide assets, either intentionally or unknowingly. As you prepare for your Illinois divorce involving high-value assets or complex assets, you can take steps to protect your right to your share of marital property. For example, you can opt not to waive the discovery process in your divorce. When stakes are high, a traditional discovery process may be vital.
At Fay, Farrow & Associates P.C., our clients come to appreciate the businesslike nature of the financial aspects of divorce, and they benefit from our help and advice on the most productive ways to find hidden assets.
Explore Possible Hidden Assets Before Proceeding With Settlement Negotiations Or Litigation
We offer sophisticated guidance when our clients’ spouses may be hiding marital assets such as the following:
- Inadequately appraised jewelry, antiques, firearms or other collectibles
- Undisclosed contents of safe deposit boxes
- Unreported deposits transferred into retirement accounts
- Extra mortgage payments made toward real estate to be allotted to the spouse
- Bitcoin accounts and other cybercurrency
- Offshore accounts
- Assets “parked” in businesses, including family-owned businesses
- Assets “given” to close family members with plans for recovery after the divorce
- Assets dissipated through gambling, extramarital affairs or foolish investments
- Unused stock options
- Deferred compensation, such as for an executive or a college coach
- Pending bonuses and commissions
- Anticipated proceeds from civil litigation
If you have a hunch about possible hidden assets, share that information with your attorney, the sooner the better. You may also seek assistance from appropriate professionals, such as a private investigator, a forensic accountant and/or your bank’s personnel. With the help of your divorce lawyer, hidden assets may come to light through a detailed review of mortgage applications, tax returns, bank account statements, life insurance policies and other financial documents.
Request A Complex Divorce Case Review Today
Our Naperville law firm is a well-respected source of counsel and representation for Illinoians who are approaching complex or high-asset divorces. We focus on protecting our clients’ long-term interests and well-being.
Contact us at 630-230-1468 or email us to request a consultation about hidden assets and complex divorce with an experienced, aggressive divorce lawyer. Our clients come from throughout DuPage, Will, Kane, Kendall and Cook counties.