When you are in the midst of divorce, it is necessary to protect your rights from all angles, especially when it comes to finances. The lengths you go to in order to secure your financial well-being and how you handle those proceedings will determine a great deal in terms of your quality of life and your overall lifestyle once the marriage has officially ended.
Why You Should Be Concerned About Marital Assets
There are multiple reasons you should be aware of the possibility of hidden assets as you undergo divorce. While it is obvious that every spouse should naturally be concerned about finances during a split, if you are not vigilant, hidden assets, in particular, can significantly impact the final numbers that make their way into your bank account after the divorce is final.
When your spouse conceals assets, it places you at risk for losing large chunks of income that you would otherwise be eligible to claim. This loss of income can affect everything from your day-to-day bills to your general financial stability, but it can also trigger more long-lasting consequences, such as hindrances to your future financial plans, including retirement funds, savings accounts, and more.
The National Endowment for Financial Education reports that hidden funds are discovered in two out of three marriages. Spouses attempting to hide assets is a common occurrence, and many individuals ignore warning signs that something might be wrong. One of the most common red flags to be aware of as you question whether or not your spouse is hiding financial assets is the full take-over of your finances. If your spouse has taken complete control over your money, manages all of your online passwords, or is secretive about the funds you share, do not make the mistake of dismissing these suspicious behaviors.
Other red flags include downplaying expensive purchases, making a habit of lending money to family or friends, and suddenly setting up a life insurance policy. Additionally, if you have access to joint accounts and notice direct transfers to colleagues, friends, or family members, you should be alert to these warning signs and discuss them with your attorney.
Safeguarding Your Best Interests
If you are beginning to suspect your spouse has been hiding assets during your divorce or you have already discovered tangible evidence of such deceit, a qualified DuPage County divorce attorney can help you uncover potentially hidden funds and protect your rights in a court of law as you attempt to claim any income to which you are entitled. Call Roscich & Martel Law Firm, LLC today at 630-355-5222 for a confidential consultation.