Sudden financial secrecy, unexplained transfers, undervalued businesses, or inconsistencies in financial disclosures could point to your spouse hiding assets in divorce. That said, some spouses in Illinois are skilled at concealing assets. Your lawyer can help if your spouse is hiding assets before a high-net-worth divorce. Divorce lawyers can use tools such as discovery requests, subpoenas to banks and financial institutions, forensic accounting, depositions, and lifestyle analyses to uncover hidden assets.
Call Silberman Law Group at (312) 593-0075 for guidance in the Glencoe area.
Signs Your Spouse May Be Hiding Assets Before a High-Net-Worth Divorce
Certain patterns may give away that your spouse is hiding assets. Look for at least one of the following:
- A sudden move to financial secrecy
- Odd spending or odd transfers
- Delayed business invoices, higher business expenses, or company undervaluation
- Incomplete or inconsistent financial documentation
For example, if your spouse always shared access to financial accounts with you but now changes passwords, sends mail elsewhere, or insists on handling finances alone, that shift could indicate asset concealment.
As far as unusual spending or transfers, examples include large cash withdrawals, “loans” to friends or family, or money moved into accounts new to you. Your spouse’s intent may be for the borrower, friend, or relative to return the money or asset after the divorce becomes final.
Another sign of undervaluing or hiding assets is incomplete or inconsistent documentation. Missing tax returns, unexplained differences between lifestyle and reported income, or retirement statements that do not sync with prior contributions can point to hidden assets.
This behavior can appear when divorcing later in life. Retirement accounts, investment portfolios, and long-term assets along with decades of commingled finances create more opportunities to conceal value, especially if one spouse historically managed the money.
Even an iron-clad prenup does not eliminate the need for honest disclosure. While a prenup can define how the spouses divide assets, it does not protect a spouse who lies about what exists.
Nearly 1.3 million small businesses operate in Illinois. When small-business owners divorce, they may manipulate income by delaying invoices, accelerating expenses, or undervaluing the company. Opportunities for this can be especially ripe in professional practices, closely held corporations, and family businesses.
How Hidden Assets Are Discovered in High-Net-Worth Divorce Cases
Divorces with high net worths tend to involve more scrutiny and sophisticated discovery tools.
Questions in Disclosures
Often, the process starts with mandatory financial disclosure in divorce, including tax returns, bank statements, investment accounts, business records, and retirement documentation. These disclosures may raise questions, for example, if a business owner reports a sudden drop in profits without a corresponding market explanation or large transfers appear shortly before separation.
Subpoenas
When questions arise, a high asset divorce lawyer can request additional records through formal discovery. Subpoenas are one of the most effective tools for uncovering concealed assets. Lawyers can compel banks, brokerage firms, employers, business partners, and even cryptocurrency exchanges to produce records. These third-party documents may reveal accounts or transactions a spouse “forgot” to disclose.
Forensic Accounting
In complex cases, attorneys may use forensic accountants. These experts trace money through layered transactions, analyze cash flow, and identify discrepancies between reported income and actual spending. Forensic analysis is particularly helpful when a spouse owns multiple businesses or has international holdings.
Lifestyle Analyses
A lifestyle analysis can expose a spouse who hides assets. For example, an analysis requires the spouse to prove how he or she funds luxury vehicles, frequent travel, or expensive real estate despite declaring modest income.
Discovery
Discovery can play a role in dividing retirement accounts. Spouses often undervalue or mischaracterize pensions, 401(k)s, deferred compensation, stock options, and executive bonuses. In Illinois, these assets are typically marital to the extent they were earned during the marriage, regardless of whose name is on the account.
After one spouse proves hidden assets in divorce, judges have the leeway to reallocate property, award attorney’s fees, or impose sanctions. The consequences of hiding assets can far outweigh any perceived benefit.
What to Do If You Suspect Your Spouse Is Concealing Assets
Be careful not to accuse your spouse prematurely and without proof. Doing so may cause your spouse to better hide assets or destroy records.
Instead, gather what you legally can access. Commonly, this includes past tax returns, bank statements, retirement account summaries, credit card records, loan applications, and business financials. Make copies and store them securely.
Consult a high-net-worth divorce lawyer as early as possible, ideally before filing for divorce or responding to a petition. Attorneys have experience in identifying whether your spouse is hiding assets before a high-net-worth divorce. Lawyers can structure discovery strategically and prevent assets from disappearing.
Avoid retaliatory methods such as hiding money yourself or accessing accounts you are not legally entitled to view. You risk hurting your credibility.
If a risk of dissipation (intentionally hiding, transferring, spending, or wasting marital assets) exists, your attorney may seek temporary court orders restricting asset transfers or requiring immediate disclosure. Courts can freeze accounts or impose reporting requirements to preserve the marital estate.
Uncovering hidden assets in Illinois takes time and experience. A high-net-worth divorce lawyer is a good person to have in your corner. Contact us today at Silberman Law Group for guidance in the Glencoe area.
FAQs About How to Tell If Your Spouse Is Hiding Assets Before a High-Net-Worth Divorce
How do I know if my spouse is hiding assets during a divorce?
Look for signs such as inconsistent financial disclosures, unexplained money or asset transfers, missing records, or a lifestyle that does not match the income your spouse reports.
What assets are commonly hidden in high-net-worth divorces?
Spouses often hide or undervalue businesses, cash, offshore accounts, cryptocurrency, deferred compensation, and retirement benefits.
Can a divorce lawyer help uncover hidden assets?
A divorce lawyer can do this through discovery, subpoenas, forensic experts, and other methods.
