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Posted on in Divorce

hiding assets, Kane County family law attorneyDivorce is not only the end of a romantic relationship, but also that of a financial relationship. Courts use financial information from both spouses to make decisions about spousal maintenance, child support, property division, and more. Although everyone handles divorce differently, there are some mistakes that should be avoided at all costs.

Hiding assets or attempting to misrepresent your financial circumstances is one of these mistakes. Artificially deflating your income, failing to report a piece of real estate, transferring money between accounts, not reporting a source of income, or otherwise distorting your financial status can result in penalties, money sanctions, and a more problematic divorce. In order for a divorce to go as smoothly as possible and to avoid negative consequences, it is critical that both spouses are honest regarding their finances.

Hiding assets during a divorce may not be as obvious to spot as one may suspect. There are many tactics that spouses use to misrepresent their financial circumstances. A spouse who is attempting to fake their financial status may:

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