What Happens to Hidden Bank Accounts in an Illinois Divorce?

 Posted on March 04, 2024 in Divorce

Anytime a couple gets a divorce, they need to go through something called division of assets. The couple and their legal representatives need to determine what will be considered marital assets, properties, and debts and which are non-marital. In the State of Illinois, anything that is a marital asset or debt needs to be fairly divided by both spouses in divorce. Unfortunately, many people try to take advantage of the system by hiding some of their assets so that they will not be divided. Whether this is done to punish their future ex or just to ensure their own financial gain, a common method used for this illegal practice is to hide marital assets in offshore accounts, which are harder to gain access to. If you suspect that your spouse may try to hide marital assets in offshore accounts, you should consult with a trustworthy Arlington Heights, IL hidden asset attorney to consider how you might want to proceed.

How Do Offshore Accounts Work?

It is perfectly legal to maintain bank accounts in various countries. People can be citizens in one country but residents of another, and they might very well want a local bank account for their day-to-day expenses. Others might have a business with branches in other countries, in which case local bank accounts would be useful for business transactions and might even be necessary for local payroll regulations. It is not legally problematic to maintain money in several countries, but it is against the law to use offshore accounts to hide marital assets so as to avoid needing to divide them in divorce.

As part of the asset division process, both spouses are required to disclose any assets and debts they have. When a spouse hides assets, it is not only dishonest but also unlawful and can therefore be punishable by law.

Luckily, divorce attorneys are generally aware that this sometimes happens and a good lawyer will take steps aimed at discovering any hidden assets. They will advise you to begin collecting all documentation possible including bank statements, pay stubs, tax records, investment reports, and anything else that could shed light on the financial situation in your marriage. They might also recommend hiring a forensic accountant or another professional with similar skills who can analyze financial activity and alert you if all income is not accounted for in all disclosed accounts.

Contact an Illinois Hidden Asset Attorney

If you have a divorce looming and you want to protect yourself against attempts by your spouse to hide assets, an experienced Arlington Heights, IL divorce lawyer can help. Having argued many cases like this in the past, the team at A. Traub & Associates will make your best interests their top priority, so call 847-749-4182 and let us start advocating for you.