5 Red Flags That Could Mean Your Spouse is Hiding Assets in Your Divorce

 Posted on November 23, 2021 in Divorce

Divorce involves much more than ending the marriage relationship. Divorcing spouses must also allocate the property they have earned throughout the marriage. If you or your spouse own business interests, real estate, stocks, investments, and other complex assets, property distribution will be especially challenging. Spouses have a right to an equitable share of the marital assets during divorce, however, some spouses try to cheat the other spouse by lying about financial concerns during a divorce. Hiding assets is unlawful and it can impact the outcome of your divorce dramatically. It is important for spouses to recognize signs of financial fraud during divorce and take swift action.

Signs Your Spouse May Try to Lie About Finances During Divorce

Nearly every aspect of the divorce process is influenced by finances. The distribution of assets and debts, child support, and spousal maintenance or alimony are all directly impacted by the spouses’ financial resources. Some spouses try to gain an advantage by undervaluing assets, overvaluing debts, or failing to disclose assets. If you are getting divorced, make sure to look for signs your spouse may be hiding assets or otherwise trying to manipulate the outcome of your divorce:

• Secrecy about financial matters – If your spouse is trying to keep financial information a secret from you, this is a major red flag. Changing the passwords on online bank accounts, hiding or destroying financial documents, and deleting computer programs or files containing financial information may all be signs of financial deception.

• Unusual financial transactions – One of the simplest ways spouses try to hide assets in a divorce is by moving funds or property from one account to another. Spouses may also transfer money to friends or family to try to shield it from division during divorce.

• Shady business practices – Business owners have abundant opportunities for financial fraud during a divorce. Sudden drops in business income and sudden increases in business expenses may be signs that a spouse is trying to use a business to hide money.

• Cash withdrawals – Spouses may try to manipulate divorce issues by hiding cash. Frequent cash withdrawals and increased expenses on everyday items may be signs of financial dishonesty. Hiding assets during divorce is sometimes as easy as getting cash back during purchases at the gas station or grocery store.

• Missing items – Spouses who want to shield property from division during a divorce may take items from the marital home and hide them elsewhere. If expensive items like jewelry, art, or collectibles have gone missing, this is a huge red flag.  

Contact a Naperville Divorce Lawyer

Lying about finances can dramatically affect the outcome of your divorce. If you suspect that your spouse is hiding assets, contact a Will County divorce attorney for help. Call the Law Office of Ronald L. Hendrix, P.C. at 630-355-7776 for a free consultation.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/