Can Asset Tracing Help Me Find Assets My Spouse is Hiding in Our Illinois Divorce? 

 Posted on May 31, 2022 in Divorce

One of the hardest parts of getting divorced in Illinois is dividing marital property. Because Illinois divorce law requires marital assets to be divided fairly, rather than equally, there can be some question about what a fair division looks like. This is especially true when one or both spouses are high earners and share a high net worth. To avoid heavy financial losses in a divorce, some spouses try to hide assets to protect them from division.

There are many ways to hide assets and, once hidden, they can be very difficult to track down. In addition to hiding assets, spouses may also try to lay claim to private property by saying it is marital property. If you are getting divorced and are concerned that your spouse is hiding or manipulating assets, get help from an experienced divorce attorney who can recommend financial professionals who may be able to help.

How Does Asset Tracing Work?

When a spouse hides money or valuables, they usually leave a trail of some kind, whether electronically, on paper, or by verbal agreement. In this case, a financial professional such as an asset tracer may be helpful. Asset tracing is a process in which the history of an asset is explored and documented so the asset can be located and its value properly assigned.

Furthermore, over the course of a marriage, individual assets can become commingled with marital assets. This can happen even without any ill will. However, private property must become disentangled from marital property so the marital property can be divided and the private property can remain in the possession of the spouse to whom it belongs and an asset tracer can help with this as well.

Take the first example; if a spouse transfers money from a joint account to an overseas account or a relative to hide in during divorce, there will be electronic records of that movement. Financial records can be subpoenaed and examined by an asset tracer, who may then be able to determine how much money was moved and where it went. A spouse can be questioned by a judge under oath; if they perjure themselves, they can face court sanctions and the loss of the hidden property.

For the second example, imagine a spouse inherits 50,000 dollars from her parents during her marriage. While that money is technically her private property, placing it into an account with marital funds can cause the money to become commingled. Over the years, some of it is spent on home repairs, a child’s college expenses, and a new car. When the couple gets divorced, an asset tracer can review years’ worth of account statements and determine how much of the wife's private inheritance, if any, remains her private property.

Call an Arlington Heights Property Division Lawyer

People often try to bend the rules and use their dirtiest tricks during divorce. Fortunately, the experienced Cook County property division attorneys at A. Traub & Associates have experience recognizing dishonest behaviors and doing the work to ensure spouses get their fair share of marital property. Call our Arthur Avenue offices today at 847-749-4182 to schedule your initial consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000