Is your spouse hiding assets?

| Jun 23, 2021 | property division | 0 comments

Going through divorce is already a difficult process. Unfortunately, your spouse will not always make it any easier on you. In fact, some may take advantage of the chaos of a divorce to try furthering their own goals.

Such is often the reason a spouse may try to hide assets. But how can you tell if yours is doing the same?

What are red flags?

Forbes lists several ways to find hidden assets. First, you must identify what hidden assets are. An asset can include any property, money or item owned by an individual. So a house, a saving’s plan and a car can all count as assets.

In the case of hidden assets, however, money is often the biggest thing someone is trying to hide. They may use other forms of assets to do so, though. For example, one red flag is a spouse suddenly buying a bunch of big ticket items. Things like expensive electronics, cars, motorcycles, instruments and fine art pieces can all cost a lot of money. It’s a common tactic to buy these items so they do not count toward asset division in divorce, and then sell them after the divorce gets finalized.

False debt repayment

Keep an eye out for claims of debt repayment, too. Another common tactic involves a spouse pretending they are repaying a debt they owe to a family member, friend or other individual. However, this person is simply holding on to that money until the finalization of divorce, at which point they return it. A business owner may do something similar, pretending to pay an employee that does not exist and keeping the paychecks.

If you see these warning signs, consider contacting a forensic financial specialist. They can help you determine the reality of your situation.