During the divorce process, you should get your fair share of the marital estate. These assets can provide post-divorce financial stability, giving you peace of mind as you work to build the next chapter of your life. But in some cases, spouses may try to hide assets during divorce as a way to remove them from the property division process and keep them for their own enjoyment once the marriage dissolution is finalized. This is unfair and contrary to the law. That said, the burden is on you to bring the issue of hidden assets before the court.
How can you tell if your spouse is hiding assets?
There may be several red flags. These can include:
- Your spouse has cut off your access to financial accounts.
- Your spouse’s lifestyle doesn’t seem to match their income.
- Your spouse has recently acquired new assets that carry a lot of value.
- You notice financial transactions that have gone unexplained.
- Your spouse is evasive about answering financial-related questions.
If you have suspicions that your spouse is hiding assets, then you need to dig deeper to find out what’s really going on so that you don’t end up on the losing end of the property division process.
What should you do if you suspect that your spouse is hiding assets?
First, you should gather as much financial documentation as possible and review your marital tax returns. Then, you should look at any financial histories you have to identify any unusual behavior. At that point, you may be in a position to discuss the matter with your attorney and work with a forensic accountant who can help you follow paper trails to identify, locate and secure those assets that have been unfairly hidden from you.
That’s a lot of work, to be sure, but it’s necessary to protect your interests. So, if you suspect that your spouse is hiding assets from you, then now is the time to get to work developing a divorce strategy to protect your financial positioning.