When you are going through a divorce in DuPage County, both you and your spouse will be required to complete a financial affidavit that has been approved by the Illinois Supreme Court. In the financial affidavit, you will provide detailed information about your assets and debts, including funds in accounts, prepaid debit cards, stocks, bonds, investment accounts, mutual funds, real estate, motor vehicles, business interests, life insurance policies, retirement benefits, income tax refunds, lawsuit recoveries, valuable collectibles, and any other assets. The financial affidavit requires you to provide information about assets and debts — as well as any assets sold or transferred worth more than $1,000 in the last two years — that may be classified either as separate or marital property.
The court will use the financial affidavit and other supporting documentation to determine which assets and debts should be classified as separate property (and thus not distributed in the divorce) and which assets and debts should be classified as marital property and divided according to the terms of equitable distribution. Both parties are required to fill out the financial affidavit fully and accurately. Yet what happens if one spouse intentionally avoids identifying assets and may be trying to conceal property? Our DuPage County divorce lawyers want to provide you with more information.
The Problem of Concealed or Hidden Assets
Before you take action against your spouse when you believe she or he may be attempting to hide assets, it is important to understand what we mean when we talk about hidden or concealed assets. Sometimes a spouse will make an honest mistake and will fail to list a particular asset on the financial affidavit. In other situations, however, one of the spouses might intentionally avoid listing a particular asset in an attempt to hide that property from the court and to avoid having it divided in the divorce....