Whether you are going through a hotly contested or high net worth divorce, there is a possibility that your spouse could hide assets from you. This is possible because, in many marriages, one spouse controls all the finances while the other is unaware of how the shared expenses are being spent.
To ensure your spouse doesn’t hide assets, you could go through a formal discovery process to determine all marriage assets, income, and debts, or hiring a forensic accountant. However, there are several tell-tale signs that could indicate your spouse is attempting to cover his/her tracks.
The following are common signs your spouse is hiding assets during divorce:
- You notice bank and credit account statements with only your spouse’s name on them. This could mean your spouse is hiding money in separate accounts.
- Your spouse has been making withdrawals and banking transactions from joint accounts without your knowledge.
- Your spouse transfers property or lends case money to friends and close relatives, so he/she can retrieve these assets later once the divorce is final.
- Your spouse makes lavish purchases such as artwork, jewelry, cars, and antiques. This means your spouse could spend a large amount of money, underreport the value of the purchased items, and resell them to make a profit.
- Your spouse opens a custodial account using your child’s Social Security, but he/she may be hiding money in your child’s name.
- Your spouse pays small charges to the bank or post office, which could be a sign that he/she opened a P.O. Box or safety deposit box to hide cash, statements, and other valuables.
- If your spouse runs a business, he/she could pay nonexistent employees, so he/she could void the checks after divorce.
- Your spouse overpays the IRS or credit cards, so he/she could temporarily move assets and obtain a refund at a later date.
If you believe your spouse is hiding assets, our Yonkers divorce attorney at Family First Legal Group can look for inconsistencies in your marital finances and help you obtain the best possible divorce settlement. For more information, contact us and schedule a free consultation today.