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Is your spouse hiding assets?

On Behalf of | Oct 17, 2021 | Divorce

Going through divorce is hard on every aspect of your life. Financial matters carry enough stress without you having to deal with the additional possibility of a spouse hiding assets, but unfortunately, this is a real concern.

You can keep your eye peeled for certain potential red flags that might indicate a spouse hiding assets, however. This will allow you to take quick action to gain the share you are due.

Faking debts to hide assets

As Forbes states, it is not uncommon for spouses to attempt to hide assets. Some ways of asset-hiding continue to resurface over and over in many different divorce cases, too. For example, a common tactic involves a spouse pretending they have debts to repay to a family member or friend. They then give over a sum of money to that person, who holds onto it for the duration of the divorce process. After the finalization of the divorce, they give the money back, and your ex-spouse walks away with it without having to divide it.

Suspiciously increased spending

Another common example involves changes to spending habits. Have you noticed your spouse spending more frivolously lately? Have they bought new electronics, instruments, vehicles or other high-end items? If so, they may intend to sell or return these items after the divorce. Since they buy it with their own money, the property is theirs and the law will often not subject it to division, unlike money.

If you notice these signs, you may want to contact legal help. They have forensic financial analysts on their team who can aid you in getting the evidence you need.