Concerns about your financial affairs during your divorce in Illinois may tempt you to hide some of your assets. While this may seem like a harmless way to preserve what you feel is rightfully yours, this strategic move can actually create a lot of trouble.
Understanding the consequences of this classic divorce faux pas can help you preserve your reputation and avoid ongoing legal trouble.
Hiding slows things down
Because divorce can expose the ugliest issues of your marriage, reaching a settlement as quickly as possible can allow you the opportunity to move on with your life. Choosing to hide assets can actually slow your divorce proceeding especially if your ex hires a forensic expert to make sense of financial confusion.
Hiding money is also illegal and can result in numerous penalties. Other disadvantages include a damaged reputation and loss of credibility, as well as economic strife resulting from imposed penalties.
Knowing where your money is
Even if you rightfully deserve the bulk of shared assets as the primary provider throughout your marriage, the best thing you can do is practice patience and integrity. According to Yahoo! Finance, make sure you know where your money is. Scrutinize tax returns, watch funds coming in and going out, and know where to locate shared assets.
Immediately suspend the use of any shared accounts and open your own bank and credit accounts. Remember that your willingness to provide transparent information about your financial situation will boost your credibility with the courts and allow you to focus your effort on rebuilding your personal financial health.
