Is your spouse hiding assets?

Is your spouse hiding assets?

On Behalf of | Nov 17, 2021 | Property And Debt Division |

People will go to great lengths to protect their financial interests in divorce. Sadly, some will resort to unscrupulous tactics such as hiding assets and income. If you suspect your spouse may not be disclosing the entire truth about his or her financial situation, here are a few warning signs to watch out for.

You’re suddenly shut out

There are a number of ways one spouse can try to shut another out of financial information that should be shared. You may notice that the passwords for your online financial accounts have been changed and you can no longer access information about your shared holdings. Perhaps your spouse has started getting the mail every day and you haven’t seen a bank statement in months.

Behavior can be telling in such a circumstance. Does your spouse become tense or hostile when you ask about financial matters? Does he or she become evasive or tell you not to worry so much? These are other methods of shutting you out of financial information you have every right to know about.

Unusual purchases show up

Has your spouse suddenly taken an interest in antiques or fine art? Have they opened a cryptocurrency account for the first time? Funneling money into assets that are hard to value or hard to track may be an attempt to keep money out of a divorce settlement. His or her intention may be to sell those assets after the divorce—for far more than their purported present-day value.

Luxury purchases are also a red flag, especially if this is out of character for your spouse. If a new car suddenly shows up and you can’t imagine where your spouse got the money for it, that money may have come from a hidden source.

The side business is hurting

Was your spouse engaged in a side business before things started to go south in your marriage? Has income from that enterprise suddenly dried up now that divorce is on the horizon? This is another red flag of hidden income. It is typically easier to track income from a full-time job than from a small business or from self-employment. The side hustle may very well be thriving, but your spouse doesn’t want you to know about it.

There’s a way to find out

These red flags may be true warning signs of hidden assets and income, or they may have innocent explanations. One of the key tasks of a divorce lawyer is to uncover facts and evidence through the discovery process. This information can demonstrate whether your spouse is being forthright or whether he or she does, indeed, have something to hide. By getting accurate answers, you can move one step closer to a happier and financially healthy post-divorce future.