Uncovering the Financial Truth: How to Uncover Hidden Assets in a Chicago Divorce
Divorce and family law disputes are rarely just about emotions; they are fundamentally about finances. The outcome of your case will define your economic stability for years to come. However, a fair settlement is impossible if the financial picture is incomplete, inaccurate, or intentionally distorted.
In many high-stakes or high-conflict divorces, one spouse may control the finances, leaving the other in the dark. Assets may be hidden, income underreported, or business values manipulated. At The Elite Law Group, we believe that financial transparency is not a luxury, it is a legal right. Under the leadership of our founder, Schylon Lane, we provide premier family law advocacy for Chicago families, including forensic investigation and financial disclosures to ensure every dollar is accounted for.
The Critical Importance of Financial Disclosure
In Illinois, both parties to a divorce have a legal duty to be open and honest about their finances. This process begins with the Financial Disclosure Affidavit. This is a sworn legal statement detailing all income, expenses, assets, and debts.
However, in complex cases, the Financial Affidavit is often where the deception begins. A spouse may inflate expenses to plead poverty or deflate income to avoid child support. At The Elite Law Group, we do not accept these documents at face value. We approach financial disclosure with a forensic eye, meticulously analyzing:
Tax Returns: We look for inconsistencies between reported income and actual lifestyle choices.
Bank Statements: We trace the flow of funds to identify transfers to unknown accounts or undisclosed large purchases.
Credit Card Statements: We identify spending patterns that suggest hidden assets or "dissipation" (wasteful spending).
Loan Applications: Often, a spouse will be truthful with a bank to get a loan while lying to the court. We find those discrepancies.
Forensic Investigation: Strategies for Finding Hidden Assets
When a spouse is determined to hide wealth, standard discovery is rarely enough. You need a legal team capable of digging deeper. Forensic Investigation refers to the intersection of accounting and law; the process of using financial data as evidence in a legal dispute.
Common Methods of Hiding Assets
We have extensive experience identifying and exposing various schemes used to conceal marital property:
Hiding Cash: Especially in cash-based businesses like restaurants or contracting, a spouse may "skim" cash before it is recorded.
Deferred Compensation: Asking an employer to delay a bonus or stock option grant until after the divorce is finalized.
"Parking" Assets: Transferring money to a friend, relative, or shell company with the understanding it will be returned later.
Cryptocurrency: Using digital currencies to move wealth outside traditional banking systems.
The Power of Lifestyle Analysis
If a spouse claims to earn $50,000 a year but lives a lifestyle requiring $150,000, the numbers do not add up. We reconstruct the "marital standard of living" to prove the existence of unreported income. This evidence is critical not only for dividing property but for calculating accurate Child Support and Spousal Maintenance (Alimony).
Business Valuation and Dissipation
For business owners, the company is often the most valuable asset. However, it is also the easiest to manipulate. A spouse might run personal expenses (cars, vacations) through the business to lower reported "profit" or delay invoicing clients to make the current year look poor.
The Elite Law Group works with forensic accountants and valuation experts to produce a defensible, accurate value of the business enterprise.
Addressing the Dissipation of Assets
In Illinois, "dissipation" occurs when a spouse uses marital funds for a purpose unrelated to the marriage while it is undergoing an "irretrievable breakdown."
Examples: Spending money on a paramour (gifts, travel), reckless gambling, or intentional destruction of property.
The Remedy: If we uncover evidence of dissipation, we can ask the court to order the wasteful spouse to reimburse the marital estate, often resulting in a larger share of the remaining assets for you.
Tracing Separate (Non-Marital) Property
Illinois is an equitable distribution state. While marital property is divided fairly, "Non-Marital Property" (assets owned before the marriage or received via inheritance) is generally exempt.
The challenge arises when these funds are "commingled" (mixed). If you used an inheritance to renovate the marital home, you might lose that money unless you can trace it. We provide meticulous tracing services to follow the paper trail through years of transfers to prove that an asset belongs solely to you.
Securing Your Full Financial Settlement
Discovering "financial infidelity" is painful, but you do not have to navigate the complexity of your financial life alone. At The Elite Law Group, we combine legal acumen with sophisticated financial investigation to level the playing field. We prepare every case as if it will go to trial, building a fortress of evidence that often compels the other side to settle fairly.
We do not believe financial clarity should be a privilege reserved for the ultra-wealthy. We are your dedicated partner in justice, committed to securing the full financial settlement you deserve to protect your future.
Are you concerned that your spouse is not being honest about your family's finances?
Information provided is general and not legal advice.