Divorce can be a challenging process, and it’s crucial to ensure both parties are transparent about their finances. Unfortunately, some individuals may attempt to hide assets to gain an unfair advantage.
Recognizing the signs of hidden assets early on can help protect your interests.
Unexplained decrease in income
If your spouse claims they have a sudden decrease in income, but their lifestyle hasn’t changed, it could be a red flag. They may be diverting funds to another account or misrepresenting their earnings. Review pay stubs, tax returns and business records carefully to verify claims.
Secretive financial behavior
A spouse who becomes increasingly secretive about financial matters may have something to hide. This can include changing passwords on shared accounts, restricting access to financial documents or refusing to discuss money-related issues. Such behavior can be an attempt to keep their financial activities concealed.
Unexplained transfers or withdrawals
If you notice large or frequent transfers between accounts, withdrawals or investments that don’t align with your spouse’s habits, it may be a sign they are trying to hide assets. These transactions can indicate an attempt to move money into accounts you are unaware of or transfer funds to a third party.
Sudden debt or expenses
A spouse may create fake debts or expenses to reduce their financial visibility. They might pay off non-existent loans or claim they are helping a friend or family member. These tactics can hide money meant to be shared during the divorce.
If you suspect your spouse is hiding assets, consult a qualified family law attorney. They can help investigate and uncover hidden financial activities, ensuring a fair division of assets. This will also help you better understand your financial situation, which is important after your divorce.