What Are Common Ways People Hide Assets in an Illinois Divorce?

 Posted on July 18, 2025 in Property Division

The property division component of divorce, especially high-asset divorce, can be riddled with disputes. Unfortunately, hidden assets can be a real problem in many cases, more often when significant finances are involved. If you are going through a divorce and suspect your spouse is not being honest about what they own, a Kane County, IL hidden asset lawyer can help protect your interests.

Duty To Disclose During Divorce Proceedings in Illinois

In Illinois, divorcing spouses are required to be truthful about their finances. This means they must fill out detailed financial affidavits listing their income, expenses, assets, and debts. Hiding information or failing to disclose assets can have serious consequences. Your spouse could face penalties from the court or a less favorable property settlement.

In addition to financial disclosure, Illinois Supreme Court Rule 213(f) requires each spouse to identify anyone they plan to call as a witness during the divorce case, including financial experts. It also states that you must provide a summary of what those witnesses will say. This helps prevent surprises in court and encourages both sides to be open about financial matters. 

Signs Your Spouse Could Be Hiding Assets During an Illinois Divorce

Hidden assets often leave behind clues. Some common signs that your spouse might be concealing money or property include:

• Unexplained drops in income: Your spouse may claim their income has decreased, hoping to reduce child support or spousal maintenance, commonly known as alimony.

• Frequent cash withdrawals: Large sums taken out in cash could be hidden away or spent on items intended to hold value.

• Secret accounts or investments: Accounts in other states or countries, cryptocurrency wallets, or investments under another person’s name could be used to hide funds.

• Overpaying debts or taxes: Your spouse might pay more than necessary, planning to receive a refund after the divorce.

• Transferring property to friends or relatives: A spouse might temporarily "sell" assets to someone they trust, with an understanding that the asset will be returned later.

Even small inconsistencies in financial documents can signal a larger issue. For this reason, you should pay attention if you notice anything unusual and talk to your attorney immediately.

Uncovering Hidden Assets During an Illinois Divorce

If you have concerns about hidden assets, your lawyer can use legal procedures like discovery requests, subpoenas, and depositions to gather information. For example, bank records, business documents, and tax returns can help trace money or property that has been shifted around. 

If your spouse has spent marital money on things that are not related to the marriage, like gifts for a romantic partner or gambling, that could be considered dissipation of assets. Under 750 ILCS 5/503(d), the court can require your spouse to repay those funds, ensuring that you receive a fair share. Working with an experienced attorney and, if necessary, financial experts can help uncover hidden assets.

Contact a Kane County, IL Divorce Attorney Today

Divorce is challenging enough without dealing with hidden finances and deceptive spouses. If you suspect your spouse is hiding money or property, do not waste your time second-guessing yourself. At The Law Offices of Douglas B. Warlick & Associates, our Geneva, IL divorce lawyers are willing to go to court if necessary. However, we are trained in collaborative law and value reaching fair solutions as quickly and effectively as possible. Call 630-232-9700 and schedule a consultation to discuss your case and safeguard what is rightfully yours.