Finding Hidden Income in a DuPage County Divorce or Child Support Dispute

 Posted on May 13, 2022 in Divorce

Finances are often a key factor in divorce and family law disputes. For the court to make a determination about the division of assets and debts, child support, and other issues, the court needs accurate financial information from both parties. Unfortunately, not everyone is as forthcoming about financial information as they should be. Some people disclose only partial financial information or actively hide assets and income during family law cases to gain an unfair advantage.

If you are involved in a divorce, child support case, or another family law matter and you suspect that another party is lying about income, contact a family law attorney for help. Attorneys have various means of finding undisclosed income and hidden assets so any determination is based on factual financial information.

How People Hide Income in Family Law Cases

The simplest way to hide income in a divorce or family law case is to simply fail to disclose it. Hiding income is much easier for individuals who own businesses or are self-employed. Because there are no payroll stubs showing exactly what they made, they can easily lie about how much money they earn. Some people also get jobs “under the table” that pay cash and do not keep records of payments.

Individuals may also defer bonuses, raises, or commissions until after the case is over so their income appears to be less than it actually is. Overpaying the IRS is another way some spouses commit financial fraud during a divorce or family law case. They pay the IRS more in taxes than they owe, knowing that they will eventually recoup the funds through a tax refund after the case is complete.

Offshore accounts in the Cayman Islands, Belize, Switzerland, or other countries may also be used to hide income and assets in a divorce.  

Uncovering Financial Deception

Divorce lawyers use many different methods to reveal financial fraud and uncover the truth. Many work alongside financial experts such as forensic accountants to scour a spouse’s financial records for signs of deception. Tax documents, credit reports, loan applications, credit card statements, business profit and loss statements, and other financial records may reveal clues of hidden income and assets.  Some people even hide physical cash in safety deposit boxes or even around their homes during family law cases.

Contact a Wheaton Divorce Lawyer

The court can only make fair decisions about the division of assets, child support, or spousal maintenance if full, accurate financial information is disclosed by both parties. For help finding hidden income and other forms of financial fraud during your family law case, contact a DuPage County divorce and family law attorney from Goostree Law Group. Call 630-364-4046 for a free consultation.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/