Early Warning Signs a Spouse is Concealing Assets in a High Net Worth Divorce

Posted on in Divorce

 b2ap3_thumbnail_shutterstock_394112632-min.jpgHigh net worth divorces share the same legal process as non-high net worth divorces, but the legal steps require a much more polished approach. With so much at stake, your spouse may go to greater lengths in an attempt to conceal finances and dividable assets. In the weeks and months leading up to a high net worth divorce, someone with a well thought out plan on how to conceal those assets may display some early warning signs to keep an eye out for, such as: 

Early Warning Signs:

Financial fraud in a divorce can take many forms; however, the following may be signs that a spouse plans to hide assets or manipulate the divorce’s outcome by lying about money. 

  • Atypical financial transactions - Was there an increase in unusual activity with investments or finances being moved around?  If so, it could mean your spouse is trying to hide something. A higher volume of transactions or more movement than usual should be a red flag because that will make it more difficult to determine where assets are located and the purpose of every withdrawal.
  • Lifestyle discrepancies - Comparing expenses to expected costs may show suspicious discrepancies. If your spouse is paying big city living expenses while residing in a small town, a closer look needs to be taken as to why there is such a disparity and where other inconsistencies may be occurring.
  • Oversights or “forgotten” assets on the financial disclosure paperwork - Accidents can happen, but it should be concerning if a spouse fails to share information about a considerable asset or financial resource. 
  • Refusing to cooperate - Does your spouse seem to be cooperating with requests for information?  If a spouse refuses to answer financial questions, that gives reasonable grounds to look at why they are hesitant to discuss the family’s financial situation.

If you have noticed one or more of the early warning signs listed above, it is time to dig deeper and ask more questions. You must protect yourself during this arduous process and obtain what is rightfully yours by law. High net worth divorces do require extra investigative steps, so doing your research and being proactive is imperative.

Contact a Palatine Divorce Lawyer

If you are going through a high net worth divorce and have questions and/or concerns,  Arlington Heights divorce attorney Nicholas W. Richardson can help. Call 847.873.6741 to receive your free, confidential case assessment today. 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2102&ChapterID=59 

 

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