Divorce

What Should I Do If I Suspect My Spouse Is Hiding Assets?

The end of a marriage is painful enough. But the discovery that your spouse may be hiding assets? That adds an extra layer of betrayal. Unfortunately, asset concealment during divorce is more common than many realize, and it’s not only dishonest but also illegal under Illinois law.

At SLG Family Law, we’ve seen how hidden assets can undermine fair settlements and create unnecessary hardship. If you find yourself in this situation, it’s crucial to take action promptly and thoughtfully. Here’s a step-by-step look at how to help you protect your financial future.  

Recognize the Red Flags

Trust your instincts—if something feels off about your finances, you may be right. Here are common warning signs of asset concealment:  

• Secrecy about money: A previously open spouse suddenly stops sharing financial details.  
• Restricted account access: Losing access to shared accounts or being locked out.  
• Unexplained income changes: Claims of “business losses” or sudden dips in income, especially before divorce discussions.  
• Suspicious debts or gifts: Unexpected loans, large gifts to friends or family, or new financial obligations.  
• Transfers to unfamiliar accounts: Unexplained transactions or investments in things like cryptocurrency, art, or collectibles.  
• Undervalued property or businesses: Attempts to downplay the value of assets, such as property or cash-heavy businesses.  

If you notice any of these, keep a close eye on the situation and start documenting.

What Not to Do

If you suspect hidden assets:  

• Don’t confront your spouse aggressively: This may only lead them to cover their tracks more carefully.  
• Don’t retaliate: Attempting to hide assets yourself will damage your credibility and weaken your case.  
• Don’t assume the court will uncover everything: Judges rely on evidence you and your legal team provide to bring hidden assets to light.

The key is to stay calm, methodical, and strategic while building your case.

What You Should Do

Taking the right steps early is critical. Here’s what to focus on:  

1. Document Everything

Start by gathering financial records, including:  

• Tax returns  
• Bank and credit card statements  
• Retirement account details  
• Credit reports  

Keep copies of these documents in a secure location outside your home.  

Maintain a journal of any suspicious financial activity, noting dates, amounts, and circumstances to create a detailed timeline for your legal team.  

2. Work with a Divorce Attorney

An experienced attorney is essential. They can use subpoena powers, involve forensic accountants, and guide you through the process of uncovering hidden assets. Their experience keeps things from slipping through the cracks.  

3. Consider Financial Investigators

Financial investigators have the tools and training to trace hidden money and expose attempts to conceal assets. 

4. Be Honest and Transparent

Always provide full financial disclosure yourself. This builds your credibility with the court and strengthens your legal standing.

Remember that Illinois Law Protects You

Illinois law requires full financial transparency during divorce proceedings. If a spouse is caught hiding assets, the court may:  

• Award the honest spouse a greater share of those assets.  
• Reopen settled cases if substantial hidden assets are discovered later.  
• Force the spouse who hid the assets to pay the honest spouse’s attorney’s fees.

The law is on your side; use it to fight for fairness.

Your Future Deserves Transparency

Suspecting hidden assets can add stress to an already emotional time. But you deserve honesty, clarity, and a settlement based on complete and truthful information. By taking action now, you can protect your financial future and move forward with confidence.  

Contact SLG Family Law for a confidential consultation today. With our experience, you’ll gain the support and guidance needed to achieve a fair and equitable resolution.