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Why would a spouse try to hide assets?

Some spouses resort to tricky tactics to hide assets from each other during divorce. Hiding assets is not just something that happens in high asset divorces; anyone who wishes to keep property out of a marital settlement agreement may try to hide assets. The main reason some spouses resort to this tactic is so that valuable property and assets are not included in the property division portion of divorce. Unfortunately for them, an experienced divorce attorney knows exactly how and why some spouses tried to hide assets.

Although certain assets are more commonly kept from spouses in divorce, anything of value may be hidden. While the majority of assets hidden in divorce are those of a more liquid value, occasionally spouses may choose to convert liquid assets to personal belongings in an attempt to keep them under the family court's radar.

The practice of hiding assets may be more common in marriages where one spouse has been planning for divorce for quite some time. These individuals typically begin stockpiling assets and cash without their spouse's knowledge, and then slowly start to hide them by either converting them to personal belongings or transferring them to family or friends.

Regardless of how, where or why a spouse tries to hide assets in a divorce, the practice of doing so may go against the family court's rules regarding property division. Depending on the value of the hidden assets, it may be well worth a spouse's time and effort to investigate. By working with an experienced divorce attorney, spouses may be able to identify hidden assets and work to include them in the property division part of divorce.

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Goddard & Malmquist

Goddard & Malmquist
1250 South Grove Avenue
Suite 101
Barrington, IL 60010

Phone: 847-382-3995
Fax: 847-382-4038
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