While most people are open about their finances in divorce cases, assets can sometimes disappear as one spouse attempts to conceal high-value items, such as artwork, jewelry, cash, and other assets, until a financial settlement is agreed upon and finalized.
If you are contemplating a divorce or have been served with divorce papers, it is vital to understand some of the common ways that property and assets can be hidden, including (but not limited to):
- Gifting belongings or engaging in fraudulent sales of assets to family and friends (sometimes with the understanding that such assets will be transferred back after a divorce is final);
- Requesting the delayed payment of bonuses, incentives, or commissions;
- Setting up a trust;
- Manipulating business accounts;
- Carrying over income into the next year or putting money back into a business for later distribution;
- Holding assets in offshore accounts;
- Shifting assets to cryptocurrency; and
- Failing to declare income.
If you are going through a divorce, you have a legal right to an equitable portion of the entire marital estate. As an experienced asset discovery lawyer serving Rockford and the surrounding communities, including Belvidere, Davis, Freeport, Loves Park, Machesney Park, and Roscoe, for over a decade, I stand ready to vigilantly pursue the truth and equitable outcome to which you are rightfully entitled.