Hide and seek can be a fun game Illinois parents play with their kids, but it is anything but amusing to have to search out hidden assets during a contentious divorce.
A hidden asset is a parcel or piece of property, whether tangible or intangible, that one party to a divorce attempts to conceal from the other and the court. There are a number of reasons that parties try to keep secret items of wealth from their exes, but when it occurs it can lead to backlash against the offender.
One reason a party may attempt to hide assets during their divorce is to decrease their net worth and therefore decrease the appearance of their financial situation. If a person does not have enough money or wealth to pay a significant sum as support to their ex, they may avoid a heavy ongoing obligation in this regard. Another reason a party may conceal assets from their soon-to-be ex-partner during their divorce is to hold onto assets that they may wish to keep separate from equitable property division.
Hiding assets before or during a divorce is a fraudulent act and can cost parties time, energy, and money. When a person suspects that their ex is concealing wealth, property, and other items of value they may wish to consult with legal and financial professionals who understand the process of investigating and locating wrongfully hidden possessions.
Forensic divorce is an area of the law that focuses on these and other financial problems that can plague divorce proceedings and cause stress and confusion for litigants. Property interests and rights can be difficult matters to sort out when parties choose to end their legal relationships, and professional assistance can support litigants and their desires for fair and equitable property and wealth distributions.