Undisclosed Income and Assets in Your Illinois Divorce 

 Posted on February 07,2023 in Divorce and Family Law

When an Illinois couple files for divorce, the spouses are asked to provide information about their employment status, income, and property. This information is used to guide asset division negotiations, calculate child support, and determine any spousal maintenance obligations.

Divorcing spouses who hope to reduce their financial obligations or increase their financial support may lie on their financial disclosure forms. If you are getting divorced, it is essential that you remain vigilant for this type of financial deception.

Undisclosed Income and Getting Paid "Under the Table"

Income that is concealed in the form of cash payments, investments that are not reported to the IRS, or other forms of payment can be difficult to detect.

If you are concerned about your spouse's financial activities, it is important to thoroughly investigate the situation. An experienced divorce lawyer may obtain records from employers and banks, serve subpoenas for document production, and use other discovery tools to find all sources of income.

Hidden Assets and Undervalued Assets

Divorcing spouses who want to shield certain property from the divorce may also attempt to hide assets. Spouses may do this by transferring cash or investments into a friend’s name, buying expensive items and failing to disclose them, or even intentionally overpaying the IRS.

Spouses may also try to manipulate the asset division process by undervaluing assets. For example, a business owner may purposefully underreport the value of a company to reduce their financial obligation in the divorce.

Voluntary Employment and Underemployment

Some divorcing spouses quit their jobs or take low-paying jobs to reduce their financial resources. This unfairly diminishes the other party’s share in the property division process and can also reduce child support or spousal maintenance payments.

Illinois courts do not look favorably upon voluntary underemployment. If a divorcing spouse voluntarily makes less money than he or she could, the court may use "imputed income" instead of actual income to calculate spousal support or child support. Imputed income is based on the individual’s job history, experience, and education level.

Contact our DuPage County Divorce Lawyer

Spouses may try to manipulate the divorce process by lying about finances. If you are getting divorced and suspect that your spouse is not providing full financial disclosure, contact Stock, Carlson & Asso. LLC for help. Our experienced Wheaton divorce attorneys know how to handle the situation and protect your rights. Call 630-665-2500 for a consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm