Before a divorce can be finalized, a married couple’s property must be divided. Illinois is an equitable property distribution state (750 ILCS 5/503). Assets and liabilities are split in the manner deemed most fair. In order to divide property equitably, spouses need to know exactly what they each own. Illinois requires parties to a divorce to make comprehensive financial disclosures and to disclose any and all assets and liabilities in their names.
Unfortunately, some spouses improperly try to conceal assets. This can make the divorce process even more challenging. With professional legal guidance, there are tools that you can use to uncover concealed assets. In this blog post, our Chicago divorce lawyers provide an overview of your options if you suspect that your spouse is hiding assets.
Cases involving hidden assets are notoriously difficult. One of the biggest challenges is that you do not know what you do not know. In other words, you may not be sure as to whether or not your spouse is hiding assets at all. Often, these cases start with a mere suspicion. Through a professional review of the financial records that you have, you can get a better idea of what is missing.
The second step in a hidden asset case is often demanding the production of specific financial records that you believe (or know) are missing. An experienced Chicago, IL divorce lawyer can help you take action to demand the production of missing records.
Another tool in a hidden asset case is the deposition of your spouse under oath of law. As noted previously, Illinois requires parties to a divorce to make comprehensive and accurate financial disclosures. You and your attorney can take action to have your spouse deposed under oath if you believe that they are not being forthright with their financial disclosures.
In some hidden asset cases, you will have to go directly to a third party to get the information that you need. Your Illinois divorce lawyer can issue a subpoena demanding certain relevant financial records to your spouse’s employer, a business, or a financial institution.
At Hammer Serna & Quinn, LLC, our Chicago divorce lawyers are solutions-oriented advocates for clients. If you suspect that there are hidden assets in your divorce, we are more than ready to help. Contact us now for a strictly confidential consultation. From our Chicago office, we provide family and divorce representation in Cook County, Lake County, DuPage County, Will County, and beyond.
Call or email Hammer Serna & Quinn, LLC today to schedule a consultation.