Illinois divorces can be complicated affairs, which makes it easy to overlook some details that might end up harming you down the road, such as whether a spouse is hiding assets from you. One place to check for evidence of hidden assets is tax returns from past years. Tax returns include many sections where income other than personal income is listed and may indicate the presence of concealed assets.
Forbes describes the various places in a tax return where you can find indications of hidden assets. Schedule A, where itemized deductions are listed, may reveal a deduction of taxes on a piece of property that you never knew about. If you check Schedule B, where assets producing interest and dividends are listed, you could find interest generated by an asset you never knew about. Conversely, you might find an asset that produced interest in a past year has disappeared, but you are certain the asset still exists.
Business losses and profits are listed in Schedule C. In addition to finding out about business profits your spouse never disclosed, you might also uncover other assets listed on the depreciation schedule. Capital gains in Schedule D are another place to check, as capital gains can show the existence of assets that have never been revealed, or the absence of reported gains might indicate an asset has vanished.
To examine other forms of income, you can take a look at Schedule E. This is where supplemental income and loss is listed, and can include income and losses from a number of sources, including royalties, rental properties, S corporations and partnerships. The presence of income or losses from any of these sources can point the way to assets that the spouse never publicly revealed.
Identifying indicators of undisclosed assets from tax returns is not easy, and will likely require the assistance of a legal professional who understands how to find signs of hidden assets in financial documents. Keep in mind that this article is presented as general information and is not a substitute for the advice of an attorney.