Grotta & Associates, P.C.

Call Us Today: 708-873-9500

REVIEW US
  • Home
  • Practice Areas
    • Divorce Issues
    • Parental Rights
    • Other Family Law Matters
  • About
    • Your First Meeting With Us
    • Firm News
    • Grotta, Thomas E.
    • Marks, Kelly D.
    • Russo, Steven S.
  • FAQ
    • Who Needs A Prenuptial Agreement?
  • Reviews
  • Blog
  • Contact
Grotta & Associates, P.C.

708-873-9500

  • Home
  • Practice Areas
    • Divorce Issues
    • Parental Rights
    • Other Family Law Matters
  • About
    • Your First Meeting With Us
    • Firm News
    • Grotta, Thomas E.
    • Marks, Kelly D.
    • Russo, Steven S.
  • FAQ
    • Who Needs A Prenuptial Agreement?
  • Reviews
  • Blog
  • Contact
REVIEW US

Hidden assets can impact the outcome of your Illinois divorce

by Mary Jo Rowinski | Dec 28, 2017 | blog, Firm News |

Once you’ve reached the decision that a divorce is the only solution to your marital problems, there are a lot of issues to consider. Divorce can impact your social relationships, as well as your financial situation. Most people want to know what to expect during the process of getting divorced and afterward, when they are rebuilding their lives.

Doing adequate research into both Illinois state divorce laws and case precedents can help you understand what to expect. It’s critical to remember that no two marriages or divorces are the same, so nothing can completely and accurately predict the outcome to a divorce (other than an existing prenuptial agreement). If you and your spouse don’t agree to terms, the courts will need to make important decisions on your behalf, including how to divide the assets from your marriage.

The courts can only divide what assets they know about

When you file for divorce, you provide the courts with an inventory of your possessions and other assets, as well as your debts. Doing so helps the courts to see what marital assets you’ve acquired during marriage and the overall value of your marital estate. This, in turn, helps the courts decide how to fairly and equitably divide your assets in accordance with Illinois state law.

In order to skew the asset division process in one person’s favor, unscrupulous people may intentionally hide assets from the courts or their spouses. The idea is that if no one knows the assets exist, the courts can’t divide them up between spouses. Unless you signed a prenuptial agreement allowing for extensive separate, personal assets during marriage, hiding assets violates both the letter and the spirit of divorce law.

Finding hidden assets can be a difficult task

The greater the overall value of your marital property and the higher your family’s annual income, the greater the potential and incentive for hidden assets. Simply reviewing your retirement account and checking account statements won’t provide you with adequate information. You may need full tax records and more to track down hidden assets.

That’s why many high asset divorces require the assistance of an experienced forensic accountant. While the name sounds intimidating, these professionals can prove to be immensely helpful. They can often locate even the smallest diversion of funds by examining years of financial records with an eye on details.

There are many ways in which a person could hide assets while married. Some people just divert a portion of each paycheck or commission to a hidden account. Their spouse may never realize that the amount in their shared checking account only reflects a part of the income. In other cases, regular withdrawals of unremarkable amounts can help one person build up a substantial amount of cash. Other times, art or collectibles can serve as a way to hide wealth.

A forensic accountant will watch for all of these issues and much more. Once you know you have a full accounting of your assets and debts, you can trust in the courts to properly divide the assets from your marriage.

Recent Posts

  • Is it worth it to hide assets during your divorce?
  • 3 ways to stop parental alienation in your post-divorce family
  • What is parental alienation syndrome?
  • What should you know about the acceptance of benefits doctrine?
  • Significant issues in a gray divorce

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016

Categories

  • blog
  • Child Custody
  • Divorce
  • Family Law
  • Firm News
  • Uncategorized

RSS Feed

Subscribe To This Blog’s Feed

FindLaw Network
Rated By Super Lawyers Thomas E Grotta 10 Years
National Association of Distinguished Counsel 2019
Leading Lawyers Thomas E. Grotta Peer Selected 2018
Leading Lawyers Kelly D. Marks Peer Selected 2018
National Association of Distinguished Counsel 2018
Leading Lawyers Kelly D. Marks Selected 2017
10 Best 2017 Female Attorney Client Satisfaction
emerging lawyers Kelly D. Marks Selected in 2016
Attorney And Practice Magazine's Family Law Top 10
10 Best 2015-2016 2 Years Client Satisfaction
Illinois State Bar Association
The Chicago Bar Association Founded 1874
Illinois Trial Lawyers Association
Will County Bar Association
Top Attorneys Thomas Edward Grotta 2018
Top Attorneys Thomas Edward Grotta 2018

Get Experienced Legal Help You Want

22 W. Washington Street
Suite 1500
Chicago, IL 60602
MAP & DIRECTIONS
18927 Hickory Creek Drive
Suite 115
Mokena, IL 60448
MAP & DIRECTIONS
1 S 660 Midwest Road
Suite 320
Oak Brook Terrace, IL 60181
MAP & DIRECTIONS
63 W. Jefferson
Suite 100
Joliet, IL 60432
MAP & DIRECTIONS

Phone: 708-873-9500
Fax: 708-873-9555

  • Follow
  • Follow

© 2021 Grotta & Associates, P.C.. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters