When going through a divorce, each party must fully disclose their assets to ensure that the division of marital property is fair. If your spouse is hiding assets, it can affect what you are awarded in the divorce, as the courts will not be aware of these assets to include in the property division.
But how are you supposed to know if your spouse is hiding assets? You can look for warning signs that could mean your spouse is not being truthful when reporting their assets during your divorce. This article will give some common warning signs that could indicate that your spouse is hiding assets.
They are Secretive and Get Defensive
While it’s common for spouses to be secretive and defensive during a divorce, it could also be because they are trying to keep assets from being discovered. If your intuition tells you something is off, your spouse may be hiding something.
They Suddenly Insist on Controlling the Finances
When a spouse who has never had an interest in handling the finances during your marriage now insists on controlling the finances, it could be a red flag that they are trying to keep you from finding what they are hiding.
Bonuses and Payments Aren’t Received
If your spouse hasn’t received payments or bonuses that they have been expecting, your spouse may be attempting to delay the payments. This can also happen if they create business expenses and do not request reimbursement from their employer until after the divorce is finalized. By delaying the payments until after the divorce is concluded, those funds will not be included in the assets that the court will divide.
Address Changes on Accounts
Changing the mailing address on financial statements or accounts can signify that they are trying to keep this information from you and the court. The same goes if your spouse suddenly opens a post office box where they receive their mail.
“Missing” Financial Records
When financial records disappear without warning, this could be an attempt from your spouse to keep financial information secret. You should also be wary if your spouse has reported or there has been a suspicious flood, fire, or another event, which has damaged financial records.
Increased Lending or Gifting Money
Has your spouse been frequently lending or gifting money to friends and family? This increase could indicate that they are trying to move marital assets to a separate account they don’t want you to know about. They could also be giving the money to a trusted friend or family member to hold until the divorce is final, at which time that person will return it to your spouse.
If your spouse wasn’t a big spender during your marriage but is suddenly spending an unusual amount, they could be trying to convert their assets to possessions. For example, if there is an asset you are unaware of, your spouse may cash out that asset to buy items that are less likely to be discovered, such as clothing, art, or jewelry.
When new loans appear out of nowhere, your spouse may be fabricating the existence of the loan to siphon money from joint accounts or even from a separate account you weren’t aware of.
Out of Country Travel
If your spouse is trying to move assets to countries where they will be hard to find, you may find that they are traveling internationally. If your spouse’s international travel is out of the ordinary, it could mean they are hiding assets.
Changes in Their Business
If your spouse owns a business, and they suddenly begin buying or selling things, changing how their business is operated, or reorganizing their corporate structure, this could be a sign that they are trying to conceal the assets or income of their business to alter their assets in the divorce.
Another thing you should watch for is if their business has been successful and then is suddenly doing poorly during your divorce. They could be doing this intentionally to shield income from the divorce.
Let Attorney Hunter Fowler Help You Get Your Fair Share
If you believe that your spouse is trying to hide assets, there are many legal tools available that can help you find those assets. For example, during the discovery process, your divorce attorney can utilize tools such as interrogatories and depositions to help find hidden assets. And if your divorce involves complex or high-dollar assets, you can also hire a forensic accountant to help uncover any assets your spouse may be hiding.
Attorney Hunter Fowler is prepared to do what it takes to ensure you get your fair share during your divorce. He will work with you to identify what you want from the divorce settlement and negotiate with your spouse and their attorney. He will make sure that your needs are heard and met. With Attorney Hunter Fowler, you are guaranteed the best possible representation.
Contact us today to schedule a consultation.