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How can you spot hidden assets in a divorce?

On Behalf of | May 11, 2022 | property division |

There are so many different aspects of a divorce that need to be worked through. One of the most important parts of the divorce process is dividing up assets.

The first step in property division is for both parties to list all their assets and debts. Only with a full accounting of the marital property can the parties reach a settlement that is fair to both parties. Unfortunately, this part of the process ripe for deception. Although hiding assets in divorce is illegal, many people attempt it.

Ways to tell if your spouse is hiding assets

The following are several signs to watch for if you suspect  your spouse may be hiding assets.

  • Financial affairs are a secret. If your spouse is being secretive about finances, it may be a sign that they are hiding assets.
  • Spouse has control of finances. If your spouse is the only one who knows bank account information and passwords, this may not be a good sign. They may even have additional secret bank accounts, or they may have removed your name from a joint account. Watch also for nontraditional assets, such as cryptocurrency.
  • Separate account. If your spouse has their income deposited in their own bank account this can be a way for them to hide assets.
  • Giving gifts. Is your spouse giving out gifts to their families and friends during the divorce? They may be asking these people to hold on to the assets until the divorce is finalized. This would be a way to conceal assets.
  • P.O. box. If your spouse has their own post office box, this could be a way for them to receive bank statements in secret.

A legal professional who is skilled in high asset divorce can help their client through the divorce process and uncover hidden assets. They are skilled in knowing how assets can be hidden in a divorce and can provide knowledgeable advice in how to hold your spouse accountable.