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Are hidden assets a problem you may face?

On Behalf of | Jan 31, 2020 | Firm News |

When Chicago couples split, they must split their marital assets as well. This process can be arduous for anyone, but it is especially difficult for high asset couples. Today we will look at the issue of asset hiding. It can be even more common among those with high assets than those without.

What is asset hiding? Forbes takes a look at one of the unique problems more prevalent in high asset divorces. When a spouse feels like they are being cheated out of money, they may hide assets. If they feel forced to give up more than necessary, they may hide assets. This can involve pretending they make less than they do. They could hide entire sources of income or portions of income you already know about.

There are many ways in which a spouse may hide assets. They can hide actual physical money in their car or place of work. They may fabricate debts to claim that they are repaying them, only to collect the money later. People can get downright inventive with their methods.

So why exactly is this a bigger problem in high asset divorces? Some claim that it is a result of the high assets. With more assets, there comes more wiggle room. A spouse is less likely to notice missing funds if they have a lot to sort through.

Still, hiding assets is illegal. A spouse can get into big legal trouble if caught. Individuals suspecting their spouse of hiding assets may wish to take their concerns to their attorney. They can help them decide what to do next.