Divorce proceedings can become complex, especially when one spouse attempts to conceal assets to minimize their financial obligations. Recognizing the signs of asset hiding is crucial to ensure a fair property division.
Here are some indications your spouse may be hiding assets during your divorce.
Unexplained financial discrepancies
Watch for unexplained financial irregularities such as significant decreases in reported income, unusual cash withdrawals or unexplained expenses. Discrepancies between reported income and lifestyle can indicate hidden assets.
Sudden changes in financial behavior
Be wary if your spouse suddenly changes their financial situation. Examples include opening new bank accounts, transferring large sums of money between accounts or making unusual investments. These actions could be attempts to conceal assets.
Secrecy about financial matters
If your spouse becomes unusually secretive about financial matters or refuses to provide information about bank accounts, investments or income sources, it may indicate they are hiding assets.
Undervaluing assets
Be cautious if your spouse undervalues assets, such as real estate, businesses or valuable personal property during the divorce process. Undervaluing assets is a common tactic used to conceal their true worth.
Transfers to family or friends
Watch for transfers of assets to family members or close friends, especially if these transactions occur shortly before or during the divorce process. Such transfers may be attempts to shield assets from division.
Divorce is already challenging and discovering that your spouse is hiding assets can further complicate matters. If you believe that your spouse may be doing this, you have legal options. Knowing the full value of your spouse’s assets (and yours) is essential to ensure your property is divided fairly.