Locating Hidden Assets in a Palatine Divorce

 Posted on November 09, 2026 in Division of Property

Illinois law requires that parties in a divorce disclose all financial information to the other spouse in order to facilitate the division of assets. Most of the time this information exchange is done in the spirit of the law, so both parties have full knowledge of both the marital and non-marital assets.

However, in certain cases, one spouse will purposely hide assets from his or her spouse. This may be done in anticipation of divorce, or a spouse may have secretly stashed money away throughout the marriage in the event of a divorce. At The Law Office of Nicholas W. Richardson, P.C., we have earned a 10.0 Avvo rating and other legal honors for our outstanding counsel, so you can trust our Palatine, IL divorce lawyer to treat your case seriously.

What Can You Do to Uncover Hidden Assets in a 2026 Divorce?

If one spouse was solely responsible for taking care of the family finances, then the other spouse may have no idea where money is invested or what it was used to purchase. Moreover, the spouse may even question the true amount of the family's annual income. Common methods of uncovering hidden assets include:

Request All Financial Documents

Never take your spouse's word that he or she will give you the financial documents you need. Your attorney should request all financial information from the opposing party and should request copies of the original statements. A spreadsheet prepared by the client or his or her attorney should never be accepted because it can easily leave off vital financial information.

Hire a Forensic Accountant

A forensic accountant is trained to uncover fraud in accounting settings. By reviewing all financial information, a trained forensic accountant may be able to uncover the location and the amount of the hidden assets.

Review Tax Returns 

A return may have information regarding income, investment accounts or capital gains, property sold and bought or other information that may show hidden assets. If one spouse has a business, those tax returns should also be reviewed.

Thoroughly Review All Financial Statements

Bank accounts may show large withdrawals or transfers into accounts in only one spouse's name. Additionally, credit card statements may show items purchased that never showed up in the home. Any questionable transactions should be thoroughly reviewed.

Is Income Considered Marital Property in Illinois?

Income earned by either spouse during the marriage is generally treated as marital property in Illinois. Illinois law presumes that property gained after the wedding and before a final judgment belongs to the marriage, regardless of whose name is actually on the account (750 ILCS 5/503(b)). That presumption covers wages, bonuses, commissions, and business profits. Money added to a retirement account during the marriage usually falls under the same rule.

Many hidden assets come from income. A spouse may ask an employer to delay a bonus until after the divorce. A business owner may underreport sales or pay personal bills through the company. Some spouses move part of each paycheck into a separate account. Each of these tactics can make the marital estate look smaller than it really is.

Some income may still be separate property. For example, income from an inheritance kept apart from marital funds may belong to one spouse alone. The spouse who claims an asset is separate must prove that claim with clear and convincing evidence. When money has been mixed between accounts, tracing where it came from becomes much harder.

How Can the Discovery Process Help During Property Division?

The discovery process gives each spouse a legal way to get information from the other side during a divorce. The Court oversees discovery, so a spouse cannot simply ignore a valid request. Several tools can help bring hidden assets to light.

Interrogatories are written questions that the other spouse must answer under oath. Requests to produce ask for documents, such as bank statements, pay stubs, loan applications, and business records. Depositions allow an attorney to question a spouse in person while a court reporter records every word. Subpoenas can be sent to banks, employers, and other third parties. Records from a subpoena come straight from the source, so a spouse has no chance to edit them first.

Discovery can also reveal gaps in a spouse’s story. A loan application may list assets that never appeared in the divorce papers. An employer’s records may show a bonus the spouse did not mention. If a spouse refuses to cooperate, your attorney can ask the Judge to order him or her to comply. The Court may also impose sanctions on a spouse who keeps stalling.

Can a Spouse Face Penalties for Lying About His or Her Assets in a Divorce?

A spouse who lies about his or her assets in an Illinois divorce can face serious penalties. Each spouse must complete a financial affidavit. This form lists income, expenses, debts, and property. Each spouse signs the affidavit under penalty of perjury. Leaving out an account, lowering income, or inflating expenses can make the affidavit inaccurate or misleading.

Judges take false affidavits seriously. The Court may hold the dishonest spouse in contempt. The Judge may also order that spouse to pay the other side’s attorney fees. In some cases, the Court may award a larger share of the marital estate to the honest spouse. Knowingly lying under oath can even lead to perjury charges, although criminal charges are less common in divorce cases.

Assets found after the divorce is final may still be addressed. A spouse who discovers fraud may ask the Court to reopen the judgment. Strict deadlines apply, so waiting too long can close that door.

Naturally, not every mistake on a financial affidavit is intentional. A spouse who finds an honest error should correct it right away – fixing a mistake early can help protect his or her credibility with the Court.

Contact Our Palatine, IL Divorce Attorney

In order to obtain a fair and equitable settlement in a divorce, you need to have accurate information regarding both the marital and non-marital estate. A skilled Arlington Heights, IL asset division lawyer can help. With more than a decade worth of experience helping clients divide their marital assets, Nicholas W. Richardson will thoroughly review all of your financial information and knows where to look for hidden assets. Serving clients throughout the Chicagoland area, The Law Office of Nicholas W. Richardson, P.C. offers free initial consultations. Call today to schedule an appointment.