Hidden Assets In An Illinois Divorce

 Posted on April 07, 2025 in Divorce

Divorcing in Illinois requires the spouses to divide their marital assets equitably, but not necessarily 50/50. A critical part of the asset division process is the full disclosure of all marital property by both parties. If one spouse does not provide full asset disclosure, it may affect how marital property is allocated. 

In this serious situation, you may need a skilled Illinois divorce attorney and an accountant to track down and value any marital property that is being hidden. An Illinois family law attorney at Anderson Attorneys, P.C. can discuss your situation in a free consultation if you suspect your spouse is concealing assets in your divorce. 

Attorney Jon Anderson is a member of the Family Law Committee within the Illinois State Bar Association, Chicago Bar Association, and Northwest Suburban Bar Association. Call 847-850-8899 for a free legal consultation. 

You Can Request Discovery 

Suppose that you think your spouse is hiding investment properties, income, or transferring funds to international bank accounts. You are allowed under state law to request legal discovery. 

This process allows you to require documents from your spouse, such as bank statements, 1040s, business and accounting records, and other financial information to reveal anything suspicious. 

If these actions cannot resolve the matter, retaining a forensic accountant may be necessary. The accountant can investigate financial records and look for concealed bank accounts, holdings in Bitcoin, or odd transactions that could go undetected. 

File a Claim for Dissipation

You may file a claim for dissipation if you can show that your spouse intentionally wasted or hid marital property to deprive you of what you should have received. For instance, suppose your spouse moves $50,000 to their friend’s bank account or they spend the money foolishly on gambling and vacations. The family court may adjust the property division to compensate for your loss. 

You need conclusive evidence of asset concealment or dissipation, such as financial records, emails, texts, or eyewitness testimony. The claim must be filed quickly, so rely on your family law attorney in Cook County to lead the way. 

Take Initial Steps to Protect Your Rights

Start the hidden asset investigation by looking at joint bank and investment accounts. Watch for unusual withdrawals, or take note of financial gifts provided to family members. For more complex financial accounts, such as cryptocurrency and offshore bank accounts, retain an Illinois family law lawyer with an extensive history in asset discovery. 

The court will frown on asset concealment if you can prove it. The judge might impose sanctions, award you more compensation in the divorce, or even hold your spouse in contempt. However, proving your case requires skill and perseverance, so rely on a family law attorney to guide you. 

Contact a Cook County, IL Divorce Lawyer 

Do you suspect your spouse hides or deliberately wastes assets during your divorce? You do not need to tolerate such outrageous and unfair actions. The experienced Schaumburg, IL family law attorney at Anderson Attorneys, P.C. knows how to look for signs that your spouse is concealing or wasting marital property. Contact us at 847-850-8899 for a free consultation.