Uncovering Hidden Assets In Divorce
At Lake • Toback • DiDomenico, our attorneys excel at handling divorce cases involving complex property issues such as hidden assets and undervalued assets. If you think that your spouse may be hiding or undervaluing his or her assets, contact us in Chicago.
How To Find Hidden Assets In A Divorce
Finding hidden assets is often a matter of knowing where to look. Our attorneys enlist the assistance of forensic accountants, business valuation specialists, appraisers and other highly qualified experts who can trace bank account deposits and withdrawals, examine tax records and conduct lifestyle audits to uncover hidden assets. We also use electronic discovery to uncover traces of hidden assets on home computers, email records, text messages, social networking sites and other sources.
Some common types of hidden marital property include:
- Undisclosed accounts: Your spouse may have a bank, brokerage or retirement account that he or she did not disclose to you.
- Cash: Your spouse may have cash income from a business or side business that is not reported on tax returns.
- Safety deposit boxes: Your spouse may keep cash, gold coins or other assets in a safety deposit box.
- Collectibles: Your spouse may have gun collections, artwork or other assets that are hidden or undervalued.
- Asset transfers: Your spouse may transfer cash or assets to another person through fraudulent loans or gifts.
- Deferred income: Your spouse and his or her employer may defer compensation such as stock options or bonuses until after the divorce is final.
- Business assets: Business owners have many opportunities to under-report cash and hide or defer business income.
It is best to seek a lawyer’s advice before you attempt to collect information about your spouse’s finances. Some methods, such as hacking into a spouse’s email, may be illegal and could result in criminal charges. Your spouse may also face criminal charges if he or she evaded taxes.
Senior partner Steven R. Lake, partner Michael DiDomenico and partner Sean Hamann bring to each divorce case decades of combined experience in marital property discovery, valuation and division.
Ask Us For More Information About Hidden Assets
Lake • Toback • DiDomenico is located in the heart of Chicago’s Loop. Our office is five blocks west of Lake Shore Drive and 10 blocks east of I-90/94, at the southeast corner of Washington and Dearborn streets. Call 312-288-8985 or contact us by email.