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Trust, transparency and asset concealment in divorce cases

We seek to pay particular attention in this blog to issues of property division in a divorce. Those issues do not usually generate the raw emotion that child custody questions often do. But for couples in Illinois and across the nation who are splitting up, there can be a lot of money at stake when dividing up financial assets and liabilities.

When a couple divides up property, then, it is important to make sure all the cards are on the table. But the same erosion of trust that caused the divorce in the first place can make this difficult. That is why, in certain cases, extra vigilance may be in order to make sure a spouse or ex-spouse isn't hiding assets.

Keep in mind that if you believe your ex isn't being truthful, there are ways to protect your position. As we discussed in our May 23 and May 30 posts, forensic accounting procedures to seek out  hidden assets sometimes have a key role to play in property division.

In a recent British case, the ex-wife of the actor Brendan Fraser is accusing him of hiding income. The couple divorced in 2009. But the ex-wife contends her ex-husband is concealing some of his earnings in order to bolster his case for a reduction in his monthly alimony payments. 

Fraser, for his part, argues that medical issues stemming from a back injury have affected his income and his ability to pay alimony. But the actor has several films coming out soon, and it remains to be seen how the case will be resolved.

Source: Daily Mail, "Stand Off: Brendan Fraser's ex-wife accuses the star of hiding his earnings in attempt to reduce $50,000 monthly alimony payments," August 19, 2013

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