Is Your Spouse Concealing Marital Property?
As spouses near divorce, it’s not uncommon for one party to begin hiding assets in an attempt to retain a greater share of their marital wealth. Look out for these signs if you suspect your partner may be attempting to conceal property.
Opening a Separate Account
While divorcing spouses will need to consider how they will be financially independent after they part ways, they are not allowed to prematurely take it upon themselves to secretively secure marital wealth for themselves. If you notice less funds in your shared accounts, it could indicate the presence of a second, private account for your partner.
Giving Away Assets to Friends or Family
If some of your more expensive assets, such as artworks, cars, or other luxury items have gone missing, it could be an attempt by your spouse to stash assets away for future repossession under the false pretense that they’re gifting an item they no longer want.
Purchasing Luxury Items
Your spouse may not be stashing money, but, rather, valuable items. If your partner is purchasing extravagant items, they may be doing so with the intent to pull from the communal marital fund before it’s divided and get more than their fair share of wealth.
Using a Safe Deposit Box for Cash
Paper money is harder to account for and track than funds kept in shared saving and checking accounts. If you notice that excessive amounts of money are being withdrawn from ATMs, while no more groceries nor luxuries are being brought into the house, your spouse may be stashing cash.
Opening a Custodial Account
It’s always a good idea to save for your children and their education, but an abrupt opening of an account in your child’s names could be cause for suspicion. Your spouse could be stashing money away with the intent of withdrawing it after the finalization of your divorce.
Intentional overpayment of taxes is a common tactic used to safely stow money away while ensuring it can be returned the following tax season. You should have access to your partner’s financial documents, which you can evaluate to see whether there’s a suspicious adjustment in the amount they’re withholding for taxes.
Alternatively, your spouse’s wages may be withheld by their employer. Your spouse may ask their boss to delay the issuance of their salary or bonuses in an effort to have sole access to those funds.
If you suspect that your spouse is hiding assets, you must take action. Reach out to The King Law Firm today to fight for your fair share of marital property. Contact us for more information.